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Self-Employed? Four Tips to Avoid ATO Debt

Here are four tips so avoid this happening to your small business:

1. Setup a separate GST-only bank account.
Transfer a small amount into this account each week for BAS. Your bank can add a new account for as little as $5 per month in fees.

2. Input data into accounting software at least once a week.
Updating your accounts is important and online versions such as www.xero.com.au are cheap and very user friendly. If you update your records often it won’t become a massive task you never have time for.

3. Review reports from your accounting software once a week.
Regularly forecast your cash flow needs and have a plan for any shortfalls in working capital. You need to understand the basics yourself – if you don’t, get some training.

4. Complete, submit and pay BAS by the due date each quarter.
Don’t leave it to your bookkeeper or accountant to remember due dates. It’s your business!

Forecasting cash flow can be a difficult task. At Lend Me, we help small business owners manage their cashflow and grow with quick and easy access to business loans from $5k to $250k. We can approve most applications in 24 hours and you can have funds in your account within 3 business days*.

If you already have or are expecting a FY15/16 ATO debt, call us anyway as we can help you find a solution here too.

Call for a chat on 08 6234 6400 to see if we can help your business grow.

How can we help you today?

*Applications are subject to approval and Terms & Conditions apply. Speak to us for more information.

How we've helped our clients...

"Starting up a new business isn’t easy, with so many things to think about it can be quite a stressful process. With the services of Lend Me Asset Finance and Locate Me, they have really helped to take this stress away in the way of meeting me on my job sites to sign documents and dealing directly with the Car Dealers, Bobcat Dealers and even my accountant.

The guys at Lend Me really do take the time to listen to what you are after and work in to suit you and make the transaction so simple and convenient, I can’t thank them enough! I’ve also recommended their services to 3 friends already and have only had good feedback. Lend Me have certainly gained a client for life! Reece"

"Hi there, Saturday just gone, I picked up my dream car, a 2013 black lancer LX.

I'd like to take this chance to say Lend Me Car Loan customer service was by the far the best I have ever received. What I thought was going to be tough work turned out to be the opposite. The process easy, simple and quick for me, she did the hard yards... I will be recommending friends and family... Thanks again! Regards, Stephanie"

I just wanted to say thank you... This has been the smoothest process. You and the other girls I dealt with at Lend Me Home Loans were so friendly and so efficient with everything, I felt like I was the only customer you were dealing with.

I will definitely be raving on to loads of people about Lend Me and the great service you provide.

I am stoked, this will take so much pressure off and will seriously change our lives... we can actually get ahead on payments and start saving some more money.

Thanks again, Kath :)

"Emily & I just want to take this opportunity to say a very big thank you for seeing us through our first home purchase and home loan, you have been a massive help not to mention getting us out of a sticky situation. We will definitely be in touch in the near future and will refer/recommend you to our family & friends if looking out for a friendly, helpful and reliable mortgage broker.

Take care and speak soon. Matt & Emily" 

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