Dealing with business tax and understanding tax minimisation is a crucial part of running any small business. Tax time seems to come around very quickly each year, so it is wise not to leave everything until the last minute and to ensure you do things right!
Here are the five most common tax mistakes that can trip up a small business – avoid these mistakes and you’re likely to more than double your chances of making it:
- not keeping good records
- not getting the status of workers right
- not paying superannuation, or on time
- not keeping track of changes to tax laws
- Not using a tax agent