Small Business Tax Time Mantras

There's probably only one thing that small business owners hate more than losing money: doing their tax.

So here are a few mantras to get you in the right frame of mind this tax time:

1. I must, I must, do something about my records. The Tax Office expects you to make a reasonable attempt to be accurate in your book-keeping. Set up a system to record all income and expenditure in your business.

2. Honesty is the best policy. There's no point trying to fudge the books. The Tax Office's surveillance systems are wired to bank accounts these days. If you do find some mistakes in your books at the end of the tax year, get on the phone to the ATO and tell them about the discrepancies, before they come out to you.

3. Normal is as normal does. If your business is outside the norms of what others in your industry are noting as income or expenditure, you may be targeted for a tax review. Stay within the norms.

Happy tax time!

Margie