How to manage business day-to-day transactions

The ATO has the following tips for small business owners "that can make your tax life easier":

• They should keep an eye on upcoming expenses, and regularly update their books and reconcile their accounts.
• They should set aside the GST they collect (e.g., by transferring it into another bank account within the business to keep it separate from their cash flow).
• They can also set their PAYG withholding and super aside, so they will have the funds available when payments are due.
• They should plan ahead and schedule time in their calendar to prepare their business activity statement ('BAS'), and lodge and pay their BAS on time.

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Please note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information's applicability to their particular circumstances.