If you’re self-employed or running a small business, staying on top of your tax obligations can feel like a full-time job. But with the right tools and a bit of planning, it doesn’t have to be stressful.
The Australian Taxation Office (ATO) offers a wealth of resources to help you understand and manage your business tax responsibilities. To help simplify the process, here are 7 practical tips to help you stay organised this End of Financial Year (EOFY)—and get set for the one ahead.
7 Tips to Help Stay on Top of Your Tax
Mark Your Calendar with Key Tax Dates
Avoid last-minute panic by adding all relevant tax deadlines to your calendar now. This gives you time to prepare and reduces the chance of missing important lodgement dates.
Consider Using Accounting Software
If you’re still tracking your finances manually, it might be time to upgrade. Cloud-based accounting tools can help automate your income and expense tracking—and could even reduce your accountant fees. Not sure where to begin? Explore how to choose the right software for your business needs.
Take Advantage of Helpful Tools
There are plenty of free and low-cost tools available—like receipt scanning apps—that can automatically sort your expenses. Getting into the habit of logging things as you go can save hours at tax time.
Schedule Weekly Finance Check-ins
Dedicating just one hour a week to review your finances can keep your books up to date and eliminate the last-minute rush. Think of it as a weekly investment in your peace of mind.
Don’t Dismiss Hiring a Tax Professional
You wear many hats in your business—but tax doesn’t have to be one of them. A registered tax agent can ensure your return is accurate, compliant, and includes all eligible deductions. A final review by a pro could save you more than you think.
Build Your Tax Knowledge
Even if you’re working with an accountant, understanding the basics of business tax can help you make better financial decisions. Check out the ATO’s online resources or attend one of their Tax Essentials workshops to boost your knowledge.
Plan Ahead – Book That Appointment
Set yourself up for success by booking your tax appointment in advance. Locking in a date can keep you focused and accountable as the EOFY approaches.
