The New Year is a time to set new goals and start fresh. As a small business owner, it’s essential to stay on top of your tax and super responsibilities. Here are five new year’s resolutions to help you keep your finances in order for 2023.

1. Know if you’re in business or not:
If you’re earning an increasing income from a hobby, you might already be in business for tax purposes. Make sure to follow the step-by-step guide to determine your obligations.

2. Keep your business details and registrations up to date:
If you’re a director of an Australian company, make sure to apply for a director ID and update your ABN details. Additionally, if you’re going to earn over $75,000 this financial year, you’ll need to register for GST.

3. Keep accurate and complete records:
Good record-keeping is essential for managing your business and its cash flow. Follow our record-keeping tips to stay organised.

4. Work out if Personal Services Income (PSI) rules apply to you:
If you’re earning PSI, determine if you’re a personal services business to understand how to report your income and claim deductions.

5. Look after yourself:
The past few years have been challenging for small businesses. If you’re struggling, take advantage of the free, confidential NewAccess program designed to support small businesses in need.

In conclusion, these five new year’s resolutions will help you stay on track with your tax and super obligations and ensure a financially sound future for your small business. Remember, we’re always available to support you and wish you all the best for a thriving 2023.

Get in touch for support.