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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