It’s time for tax agents to get ready for the new tax time of the year 2023 and the most important thing they have to do is to roll over the system. It’s also a good time to put good business practices in place and kick-start the process for the new financial year.
To have a successful business some obligations need to be fulfilled such as: –
1) Practice good cash flow management
Managing business cash flow allows one to make better business decisions. for which ATO provides the Cash Flow Coaching Kit as a great resource to help businesses better manage their cash flow. A trusted adviser can use the kit to help simplify business cash flow.
2) Good record keeping
Knowing what records the business needs to keep, their authenticity, and their accuracy is important. The business needs to keep most records for 5 years and needs to store them in a safe place. A good record system makes it easier for businesses to report and lodge on time. ATO’s record-keeping evaluation tool will help check how well keeping the business records so that you can make improvements and make next tax time even easier.
3)Right digital tools to help run their business
The right digital tools help you to perform daily business activities easily and securely in an online mode that allows you to manage your business reporting and transactions in one place.
4) Keeping your client alerted about tax returns
Reminder to clients to lodge their tax returns on time, even if they can’t pay for which the firm can set up a payment plan if anyone worries, they won’t be able to pay on time.
Credits:
Swadhin Behura
Business Services Team
