- Importance of Timely Tax Payments:
- Meeting your tax obligations in full and on time helps you avoid unnecessary interest (currently at 11.38%) and penalties.
- Paying your taxes promptly is essential for maintaining good financial health for your business.
- Tips to Smooth Out Cash Flow and Ensure Timely Payments:
- Set up a separate bank account for managing PAYG withholding, employee super, and GST.
- Avoid using these funds as cash flow to maintain financial stability.
- Enhance your cash flow knowledge by utilizing free online tools:
- Explore the learning platform designed for small businesses at Essentials to strengthen your small business.
- Access cash flow resources at business.gov.au/finance/cash-flow.
Remember, paying your tax on time is a habit that benefits your business. Consult your tax professional for personalized strategies or assistance during financial difficulties. Get in touch with us today to begin working on your business’ taxation.
All information was sourced from ato.gov.au
