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First Year Startup Tax Checklist and BAS Guide | Bottrell Accountants

First Year Startup Tax Checklist

A Complete Guide to Tax Compliance, BAS and Record-Keeping for New Businesses

Starting a business is exciting, but many startup owners overlook the importance of good tax habits in their first year. With the right systems in place early, you can stay compliant, avoid ATO penalties and make informed financial decisions. 

At Bottrell Accountants, Tax Agents & Financial Planners, we help new business owners across Newcastle, Maitland and Gosford stay organised and tax-ready from day one. 

This page covers everything your business needs to stay compliant in year one: 

• Quarterly BAS lodgement 

• Record-keeping essentials 

• Tools to automate your admin 

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Comprehensive Services Tailored to Your Needs

Whether you’re a small business owner, a professional, or managing a larger enterprise, our Maitland-based accountants provide a full suite of services, including:

Business Advisory

Strategic guidance to enhance business performance and growth.

Taxation Services

Expert advice on tax planning, compliance, and returns to optimize your financial position.

Accounting & Bookkeeping

Accurate financial reporting and record-keeping to keep your business on track.

Superannuation (SMSF)

Assistance with self-managed super funds, including setup, compliance, and management.

Wealth Management

Personalized strategies to build and protect your wealth.

Payroll Services

Efficient and compliant payroll processing tailored to your business needs.

First-Year Startup Tax Overview

Most new businesses will need to: 

• Register for an ABN 

• Track income and expenses 

• Register for GST (if required) 

• Lodge Business Activity Statements (BAS) 

• Set up payroll if employing staff 

• Prepare for end-of-year income tax 

Missing deadlines or under-reporting can result in fines, interest and ATO reviews. Starting with structure and systems avoids these risks. 

Quarterly BAS Lodgement

If you are registered for GST, you will need to lodge BAS either quarterly or monthly. Most small businesses choose the quarterly cycle. 

Quarterly BAS Checklist

Task

  • Lodge BAS with ATO
  • Report GST on sales and purchases
  • PAYG withholding (if employing staff)
  • PAYG instalments (ATO estimate of tax)

Frequency

  • Quarterly
  • Quarterly
  • Quarterly
  • Quarterly

Days Overdue

  • Quarterly Due 28 days after each quarter
  • Use Xero or MYOB to track
  • Ensure payroll is setup correctly
  • May be auto-included in BAS

Quarter End Dates:

• Q1: 1 July to 30 September (Due 28 October)

• Q2: 1 October to 31 December (Due 28 February)

• Q3: 1 January to 31 March (Due 28 April)

• Q4: 1 April to 30 June (Due 28 July)

Record-Keeping Essentials

ATO requires businesses to keep financial records for at least five years. These must be accurate, complete and accessible.

Record-Keeping Checklist

Record Type

  • Sales and income records
  • Expense receipts
  • Bank statements
  • Employee payroll records
  • Vehicle logbook (if claiming car expenses)
  • Asset purchases

Required?

  • Yes
  • Yes
  • Yes
  • If employing
  • If employing
  • Yes

Tools

  • Invoices, POS, Xero, MYOB
  • Dext, Hubdoc, scanned copies
  • Auto-feed into Xero or MYOB
  • STP-compliant software required
  • Paper or digital apps (e.g. Logmate)
  • For depreciation claims

Keep digital backups, ideally cloud-based. This allows your accountant to access and review information quickly.

First-Year Tax Timeline

Tax Obligations by Month (Example for First 12 Months)

Month

  • Month 1
  • Month 2
  • Month 3
  • Month 4
  • Month 6
  • Month 9
  • Month 12

Action

  • ABN registration, GST registration (if required)
  • Set up accounting system and chart of accounts
  • Reconcile transactions, run first monthly reports
  • First BAS due (Q1), review GST position
  • Setup payroll if employing, review PAYG settings
  • Review cashflow and GST savings account balance
  • Prepare for end-of-year tax planning

Keep digital backups, ideally cloud-based. This allows your accountant to access and review information quickly.

Tools We Use With Our Startup Clients

Automating admin and simplifying compliance is key to avoiding mistakes and saving time.

Recommended Tools

Tool

  • Xero
  • MYOB
  • Dext
  • Hubdoc
  • ATO app
  • Google Drive

Purpose

  • Cloud accounting, BAS tracking, payroll, invoicing
  • Small business accounting and compliance tools
  • Upload and code receipts, paperless recordkeeping
  • Automates document capture and GST tracking
  • Track BAS due dates and PAYG activity
  • Cloud backup of invoices and supporting files

We help you integrate tools, provide training and ensure setup matches ATO requirements from day one.

Startup Tax Mistakes to Avoid

Avoiding these early errors can save thousands:

• Forgetting to register for GST when required

• Under-reporting sales due to cash or bank mismatches

• Not saving for GST and tax obligations

• Late BAS lodgements or missing payroll compliance

• Poor receipt handling and lost deductions

Our advisors provide monthly or quarterly check-ins to keep your business on track.

Working With Bottrell

We work with new business owners across:

• Newcastle

• Maitland

• Gosford

Our Services Include

• GST and ABN registration 

• Accounting software setup (Xero or MYOB) 

• BAS review and lodgement 

• Payroll setup and STP compliance 

• End-of-year tax planning 

Our goal is to ensure your first year runs smoothly, with no nasty tax surprises. 

Book a Startup Tax Planning Session

Let us take the stress out of your first year of tax and compliance. We offer fixed-fee startup packages, software training and ongoing advisory. 

Book Online: https://bookings.gettimely.com/bottrellbusinessconsultants/book


Call Us: (02) 4933 6888


Offices: Newcastle, Maitland, Gosford 

Work with Bottrell Accountants, Tax Agents & Financial Planners and build strong foundations for business success. 

Industry Expertise

Our team has extensive experience across various industries, enabling us to provide specialized insights and solutions. We serve clients in sectors such as:

Healthcare

Small to Medium Enterprises (SMEs)

Real Estate & Property Development

Construction

Not-for-Profit Organizations

Aged Care

Hospitality

Our Maitland Office
– Visit Us

Bottrell Accountants, Tax Agents & Financial Planners – Maitland:

  • Office: 93 Lawes St, East Maitland, NSW, 2323
  • Phone: 0249336888
  • Email: maitland@bottrellaccounting.com.a
  • Hours: Monday–Friday 7:30am–5:30pm | Saturday 9am–2pm
  • Book a 30-minute consultation with our team
  • We’ll map out your best structure, tax registrations, and next steps
  • Flat-fee startup packages available
  • Ongoing support, tax returns, and business growth guidance

Getting your small business off the ground properly isn’t about paperwork – it’s about setting a strong legal, financial, and operational foundation.

Whether you’re launching a trade business, creative agency, eCommerce store, NDIS service or professional practice, getting the setup right will save you from painful mistakes later.

Start with clarity. Start with confidence. Start with Bottrell.

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