Are You New to Running a Business?

Starting a new business is an exciting venture, but staying organised is key to your success, especially when it comes to finances and tax obligations. Here are some essential tips to help you stay on top of things:

• 
  Clear Financial Records: From day one, maintain accurate records of all your income and expenses. This makes it easier to manage your cash flow and prepares you for tax time. You may also want to consider engaging a bookkeeper for assistance.
• 
  Understand Your Tax Responsibilities: you're responsible for your own tax obligations. Familiarise yourself with the ATO requirements, including GST and income tax.
• 
  Set Aside Money for Taxes: A good practice is to set aside a portion of your earnings regularly for tax. This helps avoid the stress of a large tax bill at the end of the financial year.
• 
  Opening a Separate Business Bank Account (Sole Traders): This isn't a legal requirement for sole traders, but it can simplify your finances by keeping a personal bank account and a business bank account separate.

Need more guidance or assistance? Feel free to reach out to us for tailored advice and support for your unique journey as a new business owner.