Second jobs usually have a higher amount of tax withheld from your pay. This is because you are already claiming the tax-free threshold from another paying job. (You can usually claim the tax-free threshold on the first $18,200 of income you earn in the income year. This is called the tax-free threshold.) Withholding tax at a higher rate means that you are less likely to have a tax debt at the end of the income year.

When you start a job, your new employer will give you a Tax file number declaration to complete. When you fill in this form you can choose whether to claim the tax-free threshold from your employer. If you:

1. Are still earning income from your first employer, you should not claim the tax-free threshold for your second job.
2. Are no longer earning any income (including from paid leave), then you are entitled to claim the tax-free threshold from your second job and have a lower rate of tax withheld
3. Start receiving income from both employers, you can request that one employer withhold at a higher rate to avoid a tax debt at the end of the year.

Generally there is no need to panic too much. It is not unusual for us to do help clients get up to date with their tax returns and in most cases it’s a pleasant surprise with some nice refunds. Over the years we have assisted clients who are just a few months late in lodging their tax return  to others that have 10 years or more of tax returns to lodge.
When we lodge tax returns on a regular basis for clients the due date that they need to lodge by is extended generally to mid May of the following year year instead of the usual end of October deadline.

There can be penalties applied for late lodgement however generally speaking the ATO don’t apply penalties for a one off late lodgement and if penalties are applied we can negotiate with the ATO, explain your situation and ask that they look at reducing or removing the penalty for you.

Profit does not equal cash: it is as simple as that! Profit is made after you have made sales and paid all expenses. Of course, you will have to pay tax on the profit as well. Cash is what the business needs to operate every day.Cash can come from different sources — profit is one — but you can also generate cash for the business by selling assets, contributing your own personal funds, using bank loans, car leases.
It also comes down to how you are allocating your transactions as some items go into your Profit and Loss and others into your Balance Sheet so they are not factored into your profit like personal drawings, aged receivables (sales owing to you), aged payables (bills you need to pay), loans, tax owing.
It will also depend on how you have your profit and loss report setup as in cash or accruals settings. So in summary profit does not equal cash available.