Tax compliance is no laughing matter

For Business | Tax
April 17, 2024

Ensuring your business meets tax obligations is essential to avoiding penalties and being taxed correctly. Tax compliance can be overwhelming, especially when managing it as a business, so here are our top tips for those new to business…

Management records

Starting with good bookkeeping and records management will help minimise stress and reduce the risk of a backlog of forms, mandatory returns and reports.

Regular review of your records

Don’t wait until tax time or the end of the quarter to review your records. A monthly review will at a minimum mean you can remember what expenses were for, and if you have lost a receipt, you can more likely request a copy from the supplier if you do it sooner rather than later.

Back to basics

Your tax obligations will vary depending on your business and structure but are important to understand what you are up for. If you are starting your own business start with ATO’s business guides to get your head around the basics.

Employ professionals

Seeking professional assistance through an accountant and trusted financial source will not only help to manage your tax obligations but also reduce stress.

Whilst there are many moving parts to tax compliance, there are some key areas you should focus on to begin with:

  • Different types of tax that could apply to your business
  • Tax registrations
  • Tax payments and deadlines
  • Tools and apps for keeping business records

Being tax compliant does not need to be a burden. If you keep clean and clear records, manage and review regularly and ensure you have a basic understanding of your requirements then EOFY and tax periods will cease to be a looming cloud over your head.

If you are looking for support speak with our tax and business advisors at Nexis today.

Your Link to Growth

A long time vision for us, Your Link to Growth reflects our approach and aspirations to assist our clients, staff and community to reach their goals. We do this through holistic and innovative financial solutions for businesses and individuals. Founded in 2004, we are a well established business based in Canberra and Brisbane.

Learn more about Nexis

Get in touch with Nexis

Talk to our friendly team today about all your tax needs.

Other news

Changes to NFP reporting in 2024

Changes to NFP reporting in 2024

In 2023, the Australian Taxation Office (ATO) announced it would change how non-charitable not-for-profits (NFPs) report income at the end of each financial year. From 1 July 2024 onwards, non-charitable NFPs with an active ABN are required to lodge a new annual...

read more