Tax Therapy Quiz

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Find out if your business is financially fit or in need of a check-up!

How It Works:

Answer each question as honestly as possible—there are no right or wrong answers!
Each answer carries a different score, reflecting how well your business is managing key financial areas.
At the end, add up your total score to see your business's monetary health diagnosis.

Are you thriving, surviving, or in need of urgent financial first aid? Let’s find out!

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Question 1: The Tax Deadline Reality Check*

How do you feel when tax season rolls around?

Cool, calm, and collected – my books are up to date, I have all records in order and lodge everything on time

A little stressed, but I’ll get it done on time.

I tend to rush at the last minute.

I avoid thinking about taxes until absolutely necessary.

Question 2: Expense Tracking Madness*

How do you track your business expenses?

I use accounting software and categorise expenses accurately.

I have a spreadsheet that’s mostly up to date.

I keep paper receipts but haven’t organised them.

I rely on my bank statement and memory.

Question 3: Cash Flow Control*

How would you describe your cash flow management?

I track my cash flow closely and plan ahead.

I review it occasionally but could improve.

I often run into short-term cash flow issues.

I rarely check my cash flow position.

Question 4: GST – Got it Sorted?*

How do you handle your GST obligations?

Lodged on time, every time.

I set reminders, but I’ve been late a couple of times.

I scramble at the last minute.

I’m unsure of my GST obligations.

Question 5: Payroll Perfection (or Pandemonium?)*

How do you manage payroll and superannuation?

Automated and compliant with super and tax obligations.

I manually calculate, and I think it’s correct.

My employees remind me when they’re due to be paid.

Cash-in-hand counts, right?

Question 6: Future-Proofing Finances*

How well are you preparing your business for the year ahead?

I create financial forecasts and review them regularly with my accountant.

I’ve got a rough plan and update it now and then.

I think about the future, but it’s mostly guesswork.

Planning ahead? I’m too busy keeping up with today.

Question 7: Budgeting Brilliance*

How do you budget for tax payments?

I set aside funds regularly to meet tax obligations.

I save when I can but sometimes fall short.

I rely on tax refunds to cover unexpected costs.

I often find myself struggling to pay tax bills.

Question 8: Accountant Check-Ins*

How often do you talk to your accountant?

Regularly – I seek advice on tax strategies and business growth.

Annually – mainly for tax lodgements.

Only when I need urgent assistance.

I haven’t worked with an accountant recently.

Question 9: Debt – Under Control or Overwhelming?*

How do you manage loans, credit lines, or other business debt?

I have a clear repayment plan and monitor debt levels closely.

I make repayments on time but haven’t reviewed my debt strategy in a while.

I keep up with payments, but debt sometimes feels unmanageable.

I’m not sure how much I owe or how I’ll pay it back.

Question 10: EOFY Frenzy*

What’s your end-of-financial-year routine?

I review financials and prepare well in advance.

I gather my records as EOFY approaches.

I scramble to find documents at the last minute.

I usually file late or request an extension.

Question 11: Business Structure Smarts*

Do you know if your business is structured in the most tax-effective way?

Yes, I’ve reviewed it with my accountant.

I have a rough idea, but I haven’t reviewed it recently.

I picked whatever sounded good at the time.

Business structure? I thought that was just for buildings.

Question 12: Invoicing: A Well-Oiled Machine or a Waiting Game?*

How do you handle invoices and accounts receivable?

I issue invoices promptly and follow up on overdue payments.

I send invoices regularly but struggle to follow up on late payments.

I often experience delayed payments, affecting my cash flow.

I rely on verbal agreements and don’t track invoices properly.

Question 13: Credit Control or Credit Catastrophe?*

How does your business handle credit and overdue payments?

We pay all creditors on time and have a clear credit management process.

We occasionally miss payment deadlines but catch up quickly.

We frequently delay payments due to cash flow issues.

We have overdue debts and have received default notices.

Question 14: Tax Planning or Tax Panic?*

Do you have a tax planning strategy in place?

Yes, I work with my accountant to plan ahead.

I consider tax implications but don’t have a formal plan.

I mainly react to tax bills as they come.

I don’t have a tax strategy.

Question 15: Business Growth & Finances*

What’s your approach to growing your business financially?

I have a solid financial plan with expert guidance.

I make decisions on the fly but try to stay profitable.

I reinvest randomly and hope for the best.

I avoid numbers unless absolutely necessary.

Tax Therapy Quiz: How Healthy is Your Business?

Find out if your business is financially fit or in need of a check-up!

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