Why pay more than you need to? When you meet your tax obligations in full and on time, you’ll avoid paying unnecessary interest (currently 11.38%) and penalties.
With that in mind, here are some tips you can use today to help you smooth out your cash flow and ensure you’re on track to pay your upcoming April-June quarterly BAS on time.
Tip 1: Set up a separate bank account for pay as you go (PAYG) withholding, employee super and GST.
Tip 2: Avoid the temptation to use PAYG withholding, employee super or GST as cash flow.
Tip 3: Boost your cash flow knowledge by taking advantage of these free online tools:
- Access the learning platform specifically designed for small business at Essentials to strengthen your small businessExternal Link.
- Find cash flow resources at business.gov.au/finance/cash-flowExternal Link.
Take control of your cash flow now so you don’t pay more than you need to – make paying your tax on time a habit for your business.
Your tax professional can help you work out the best strategies for your business or help if you’re experiencing financial difficulties. You can also contact us if you need support.