1.    Check what record keeping and other tasks to complete. For example:
·      Profit & Loss Statement
·      Summaries of your record of debtors and creditors
·      Completing and lodging your income tax returns

2.    Find out what tax deductions and concessions you can claim for expense related to your business operation (motor vehicle expense, travel expense, etc.)

3.    Keep up-to-date with tax changes
You can keep yourselves updated by contacting tax professional or subscribing to the ATO’s small business newsroom.

4.    Be wary of tax refund scams (For example: tax refund scams, tax owed scams, etc.)

5.    Review your finances
Create a cash flow forecast to:
·      manage any potential shortfalls
·      ensure you can still pay your staff and suppliers.

6.    Review your business structure
As your business grows and expands, you may decide to change your business structure, or to restructure your business.

7.    Backup and secure your files 

Source: Business – Australian Government