Please see the following common areas that may require additional focus:. The taxation system in Australia is based on self-assessment of returns or statements lodged by the business. Calculations of the particular tax expense can be complex and your local Accru advisor is available to help with your, Monthly, Quarterly or Annual requirements. Cash flow is king and juggling the various obligations is often very difficult for business owners.
How do you manage these funding demands on your business? The answer is budgeting and cash flow projections. Annual, Quarterly and Monthly budgets and cash collection projections are critical in accurately projecting your ongoing operations performance and the cash flow that will be available to meet the projected expenditures.
Law has five tips to help. You may also be interested in Complete a GST health check. One of 14 strategies to set your business on the right path. How to better manage your cash flow. Consequently, they'll be receiving GST refunds but won't receive any revenue until the end of the project. It makes sense then for the business to be registered on an invoice basis and to file GST returns monthly so the GST refunds are received as early as possible and keep cashflow afoot.
Of course, all businesses are different, so if you're wanting to discuss which option might be the best for you please either contact your Business Partner, call us on or email info rightway. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes.
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