Tips for preventing tax debt

There are a number of things you can do to help stay on top of your tax responsibilities and reduce the risk of ending up with a tax debt. 

This includes:

  • understanding your tax obligations and what it means for you
  • lodging and paying on time
  • managing your cash flow
  • regularly putting aside money for tax in a separate bank account
  • making pre-payments or voluntarily registering for pay as you go (PAYG) instalments
  • keeping good records
  • making the most of ATO online services to stay organised.