Small business owners make these mistakes when it comes to taxes
Hard work is essential for success, but it is not the only factor. In Australia, there are over 2.1 million small businesses, and one-third of them will fail no matter how hard they try. It's a morbid truth, but it's a truth all the same.
Many businesses fail because they do not properly plan for taxation. We've seen businesses get caught off guard by hefty penalties and tax debts because they put their obligations out of sight and mind, from payroll tax to super guarantee contributions to GST. Here are the five most common tax mistakes that are killing small businesses; avoid them, and you've more than doubled your chances of success.
Not keeping track of changes to tax laws
Not using a tax agent
Not keeping good records
Not getting the status of your workers right
Making sure you pay your employees superannuation – and on time
Managing cash flow around tax obligations
Using a Cloud Base Accounting software like Zero
If you are looking for more tips or thinking it’s time you made a change of accountant, please give us a call (07) 3804 7575. With over ten years of combined experience working with a diverse range of clients, Accountants360 is well equipped to assist your business. We offer Bookkeeping and Tax Service and would love to help you succeed.