The business lesson this week is how expensive things can get if you are tardy with supply the relevant information to the ATO. If you think the banks charge fees like wounded bulls you have not seen anything yet till the ATO gets hold of you. But of course they are very avoidable if you just keep on top of your paper work.
Running a business has lots of crucial elements to it, alot more than just coming up with a good idea, one of them of course is compliance. One thing you learn very quickly is the way the ATO treats businesses is a lot different to how they treat normal PAYG employees there is usually very little room for errors for they expect you to be professional, which of course is only fair and you should be.
I suppose the advice here is work with a good bookkeeper and accountant asking them lots of questions about when your supposed to do what by when. If you do fall behind work on some better solutions other than just ignoring it, see your bank about a loan and make sure the books are done regularly. Ignoring it just means a very expensive letter from the ATO.
Now the ATO have released a electronic calendar generator for business which is very poor but none the less it could be a handy to at least give you an idea of when things are due.
Do you have any advice on bookkeeping or compliance ?