New year tax resolutions to make sure your business has the help they need to become more productive, efficient and profitable in 2014.

Resolution 1 – Lighten your tax debt in 2014

TIPS:

  • Avoid penalties and interest by lodging and paying on time.
  • Contact the ATO if you can’t pay on time.
  • Keep the GST you collect seperate from your business account.

Resolution 2 – Give your business a health check

TIPS:

  • Check your systems and records are in order to avoid mistakes on your BAS.
  • Leave paper behind and keep records electronically.
  • Use the ATO’s business viability tool on ato.gov.au to help assess the financial performance of your business.