Value of Strong Business Practices

“The secret of your success is found in your daily routine.” – John C. Maxwell

Running a business involves more than just tax, and the rules can often be complex.
Good business habits—like keeping records, planning for tax, and staying on top of deadlines—are what turn routine into long-term success.

By developing reliable habits, you not only improve your chances of long-term success but also reduce stress and free up time for growth.

Businesses that operate smoothly usually have one thing in common: they focus on getting the essentials right.

• Leverage technology: Digital tools and accounting software simplify record-keeping, cut down admin time, and allow you to focus on improving cash flow.
• Maintain accurate records: Good documentation helps you meet obligations, avoid errors, and keep track of your financial position.
• Seek reliable advice: Consult your tax adviser or trusted resources such as the ATO website.
• Plan for obligations: Put aside funds for GST, PAYG withholding, and superannuation so you’re ready when payments are due.

If you think you might not be able to lodge or pay on time, don’t wait until it’s too late. Get
in touch with your tax professional or the ATO before the due date to explore the support
and payment options available.

Strong business practices can help you:

• Stay on top of cash flow while meeting tax and super requirements
• Report income correctly in your tax return
• Claim legitimate deductions and clearly separate business and personal spending
• Prepare and lodge BAS accurately and on time
• Track what must be recorded for any incentives you receive
• Understand the tax consequences of drawing money from your business
• Demonstrate compliance and support your claims if needed

 

Author

Naomi Aspromourgos