Top 5 avoidable tax mistakes that business owners make
Hard work is vital to success, but it’s not the only quotient. There are over 2.1 million small businesses in Australia, and a third of those will fail regardless of how hard they try. It’s a morbid truth, but it’s a truth nonetheless.
A lot of businesses fail because they don’t plan the tax side of things well enough. From payroll tax to super guarantee contributions to GST, we’ve seen businesses blindsided by hefty penalties and tax debts because they put their obligations out of sight and mind. Here are the five most common tax mistakes killing small businesses – avoid these mistakes, and you’ve more than doubled your chances of making it.
- Not keeping track of changes to tax laws
- Not using a tax agent
- Not keeping good records
- Not getting the status of your workers right
- Making sure you pay your employees superannuation – and on time
- Managing cash flow around tax obligations
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