Professional Support
Tax Management
Plan tax administration across registrations, record keeping, lodgement dates, GST, and advisor handovers.
Overview
Tax Management explained
Tax management is how you stay on top of registrations, record keeping, lodgement dates and any GST obligations across the year. For small businesses, the goal is no surprises: you know what is due, when, and that the records behind it are in order.
Cockatoo helps you map out the moving parts, from your ABN and GST status to the dates that matter, so nothing creeps up unnoticed. Good preparation also makes the handover to a registered tax agent quick and low-stress.
This is general guidance, not tax advice. Tax and BAS agents must be registered with the Tax Practitioners Board, and you should consider engaging one for your specific obligations.
What to check
Key points
- Knowing your registrations, including GST, sets the rest of your obligations.
- GST-registered businesses lodge a BAS, often quarterly.
- Lodgement and payment dates are easier to meet when tracked in advance.
- Tidy records make an advisor handover fast and accurate.
Before you start
What you'll need
- Your ABN, business structure and current GST registration status.
- A calendar of relevant lodgement and payment dates.
- Up-to-date bookkeeping records that support your figures.
- Records of income, expenses and any GST collected and paid.
- Details of your registered tax or BAS agent, if you use one.
Process
How it works
- Confirm which registrations apply to your business, including GST.
- Map the lodgement and payment dates that affect you across the year.
- Keep records current so figures can be supported if reviewed.
- Set aside funds for tax and GST rather than spending them.
- Prepare a clean record pack to hand to a registered tax agent.
Avoid these
Common mistakes
- Forgetting that BAS lodgement applies once you are registered for GST.
- Missing lodgement or payment dates because they were not tracked early.
- Spending money owed for GST or tax instead of setting it aside.
- Using an unregistered person; agents must be registered with the TPB.
Common questions
Tax Management FAQs
What does tax management involve for a small business?
It involves keeping your registrations current, tracking lodgement dates, maintaining records and managing GST if registered. Cockatoo helps you organise these pieces so nothing is left to the last minute.
Do I need to lodge a BAS?
If your business is registered for GST, you generally lodge a Business Activity Statement, often quarterly. The frequency depends on your situation, so confirm your reporting cycle with the ATO or a registered tax agent.
How long should I keep tax records?
Business records that support your tax position generally need to be kept for five years. Storing them in an organised, easy-to-retrieve way means you are ready if the ATO ever asks.
Can anyone prepare my tax for a fee?
No. To prepare or lodge tax or BAS for a fee, a person must be registered with the Tax Practitioners Board. Always check that an advisor is registered before handing over your affairs.
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