How to prepare your cash flow for tax time
EPISODE 30
Notes
I want to let you in on a secret. Savvy business owners are never taken aback by their tax returns or business activity statement. They understand what makes up these documents, and they put money aside in preparation for when their tax liabilities fall due.
In this episode I take you through the practical steps you can take to be a savvy business owner.
I explain to you why mindset is the biggest first step in being a savvy business owner. An abundance mindset is the foundation to this approach and I give some examples on how this can be a powerful position to approach your business from.
I share my top four steps to be tax time prepared, including the reports you can run to ensure you’re across everything. If you’re using accounting software (like my favourite - Xero) you can easily work out how much money you need to sweep aside for GST and PAYG tax withholding.
We also discuss how to be prepared for income tax and how this handy pay calculator can help.
No more freakouts about your transaction account being emptied out when you need to pay your activity statement, or your tax return.
If this still isn’t making sense, get a bookkeeper or accountant to help you.
I encourage you to be a savvy business owner and I hope I’ve helped paint a picture as to why this is a better place to do business from.
LINKS:
About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
Recent Episodes
