Working for yourself seemed like a great idea at the time. It means you can pick and choose the days you work around you. You get the choice to work as hard as you like if you decide to and you get to choose what you spend your money on.
The problem is you never realised just how much paperwork is involved. Between Work Health and Safety requirements, licensing requirements and topped off with staffing issues, you are feed up with paperwork.
The thing is there is still the bookkeeping side of things to deal with too. Not only is there reporting requirements to the ATO such as BAS, PAYG and Superannuation there is also the general day to day receipts, invoices, bills to pay and invoices to send.
Tradie’s like most business owners are great at putting these things on the ‘I’ll get to it soon’ pile and the ‘I’ll get caught up before Christmas, after Christmas, before the financial year ends, ‘definatly in time for tax time’, and the cycle continues until you realise that you are a couple of ‘tax times’ behind.
If you haven’t already received letters from the ATO for being late, then they will definitely start arriving once you start becoming regularly late with lodging you BAS and tax.
So, how do we fix it?
First, you and only you have to decide you want to fix it. I mean everyone I talk to wants to fix it but you need to want to really fix it.
What does ‘fixing it’ look like?
There are two options:
1) Do It Yourself
2) Hire someone to do it for you
If you decide to Do It Yourself please make sure you do it and don’t just say you will do it.