“Running a business without good habits is like sailing a ship without a compass. Let SuperTax Pty Ltd be your guide to success!”

At SuperTax Pty Ltd, we understand that running a small business can be a complex and demanding journey. That’s why we’re here to help you develop the right habits to streamline your processes, reduce administrative tasks, and ultimately improve your cash flow and business health. Here’s how embracing simple, yet effective business habits can set you on the path to success.

Benefits of Good Business Habits

Good business habits are more than just routine tasks; they are the foundation of a thriving enterprise. By leveraging digital tools, keeping precise records, and seeking trusted advice, you can significantly enhance your operational efficiency and focus on growth. Here’s what good business habits can do for you

• Accurate Income Reporting: Ensure all your business income is correctly reported on your tax return, avoiding costly mistakes and penalties.
• Expense Management: Know which expenses you can claim and correctly differentiate between business and personal expenses.
• Efficient Lodging of BAS: Lodge your Business Activity Statements online with ease, saving time and reducing errors.
• Tax Incentives and Payments: Understand the tax implications of receiving government stimulus payments and taking money out of your business.
• Super and Tax Obligations: Stay on top of your tax and super obligations, ensuring compliance and proving your claims.

Embracing Digital Tools

In today’s digital age, utilizing digital tools is not just an option—it’s a necessity. These tools can help you streamline processes, manage customer data, reduce overhead costs, and support business growth. At SuperTax Pty Ltd, we recommend incorporating the following digital solutions:

• Process Tracking: Use digital tools to track and streamline your business processes efficiently.
• Customer and Employee Management: Manage customer data and employee records effortlessly.
• Financial Assessment: Easily assess your financial position with digital accounting tools.
• COVID Stimulus Applications: Simplify the application process for COVID stimulus payments.

Remember, many of these digital tools’ costs can be claimed as tax deductions, including hardware, software, cloud storage, and internet services.

The Importance of Record Keeping

Keeping accurate and complete records is essential for the viability of your business and meeting your obligations. Supertax Pty Ltd provides a range of tools to help you maintain impeccable records:

• Record Keeping Guide: Stay on top of your tax, super, and employer obligations with our comprehensive guide.
• Evaluation Tool: Assess how well you are keeping your business records with our simple evaluation tool.
• Guidance for Selling or Closing: Understand what you need to record when selling or closing your business.

Seeking the Right Advice

Navigating the ever-changing landscape of business can be challenging. Staying in touch with trusted sources of advice and support is crucial. At SuperTax Pty Ltd, we recommend:

• Consulting the ATO: For help meeting your tax and super obligations.
• Trusted Tax Practitioners: Work with registered tax or BAS agents to get reliable advice.
• Small Business Organizations: Utilize resources from the Council of Small Business Organisations Australia and the Australian Small Business and Family Enterprise Ombudsman.

Tools to Help You Succeed

We offer a variety of online tools to help you get your tax and super obligations right, including:

• Employee or Contractor Tool: Determine if your worker is an employee or contractor.
• Superannuation Tools: Use our clearing house and superannuation guarantee charge calculator.
• Tax Time Toolkit: Access practical information and fact sheets throughout the year.
• ABN Lookup: Verify that businesses you deal with have an active ABN and are registered for GST.

Learning Resources for Growth

Continuous learning is key to sustaining good business habits. Explore our range of learning resources:

• ATOTV and Podcasts: Watch short videos and listen to the latest tax and super information.
• PAYG Information: Understand your withholding and instalment obligations.
• Cash Flow Coaching Kit: Develop sustainable cash flow strategies with your adviser’s help.
• Small Business Showcase: Access resources on workplace laws and information for small business owners.

Conclusion

Developing and maintaining good business habits is crucial for the success and growth of your small business. At Supertax Pty Ltd, we are committed to providing you with the tools, advice, and support you need to navigate the complexities of running a business. Let us be your compass, guiding you towards a prosperous future.

Contact Us

Ready to take your business to the next level? Contact Supertax Pty Ltd today and discover how we can help you build strong, sustainable business habits.