From almost any setback a silver lining often appears and in cake maker and micro business owner Alice Bennett’s case, it happened to be a sweet one. After being made redundant from her marketing job during COVID-19, she decided to turn her cake-making side hustle into something more. 

“[I thought] if there was ever a time to try this, it’s now,” says Alice. “I just had to find a reason [for] people to actually order cake at a time when no-one was celebrating! So I created these lolly pun message cakes that took off, and that's how the official full-time Miss Trixie Drinks Tea journey began.” 

After several years managing a micro business making Insta-worthy cakes and biscuits, plus running the monochromatic events and activations space that is Co.Bake Space in Melbourne, Alice shares the tax-time practices and essentials that make EOFY a piece of cake.

Alice’s Best Advice for Tax Time as a Micro Business Owner

Alice piping yellow icing onto a fruit-decorated cake on a stand in a peach-coloured kitchen, with mixing bowls and spatulas on the marble bench.

When in Doubt, Ask!

“Be prepared to ask questions that seem stupid [to you] because you’ll end up in a complete and utter tizz as to why you’re paying ‘X’ amount in tax. For me, I need my BAS [Business Activity Statement] broken down every quarter to understand why that money’s going out of my business.”

‍Have a Finance Crew You Trust 

“You need to be able to step back and recognise that [finances] might not be your area of knowledge and to seek out the help that you need. You need someone to answer [questions like] why am I paying this? How can I benefit [from that]? I found a really great accountant a couple of years ago, and he’s unbelievable.”

‍Take Admin Shortcuts Where You Can

As a business owner, Alice knows it’s important to embrace smart money management. It’s one of the reasons why she has a free Officeworks for Business account. She can save 5%* on thousands of business essentials. “We love a discount, so that’s incredibly helpful. And, if we do online orders through the business account, the way in which [Officeworks] sends an invoice is always really helpful [for easy collation at tax time].” 

‍What to Try

A close-up of Alice’s hands holding a roll of pink round stickers that say ‘Miss Trixie’ at a marble counter, with laptop, open notebook, card reader and green decorated cake nearby.

Have a Monthly Finance Meeting

“I work closely with my dad with his background [in banking]. We have a catch up at the start of every month to do receipts, financial cashflow, all of that. That gives us an insight as to what is to be expected, if it’s meant to be a bit of a slower month and all of that.”

A close-up of Alice’s hands using a small card reader on a marble counter, with a laptop and open notebook nearby, next to a green fruit-decorated cake on a stand.

‍Put Aside Money For Your Tax Bill as a Weekly Expense

“You need to be really regimented around putting money aside for tax. That was definitely one of the biggest learnings [I had] at the start of the business; we pay tax as we go, instead of it accruing all towards one ginormous payment at the end of financial year. It's [helpful] to account for it as an expense every week.”

‍Don’t Procrastinate

“[I’m] always on top of tax because sometimes you could get the surprise of a return! Don't just sit there and let it accrue for two or three years. That’s never a fun time.”

‍ SEE ALSO: Tax Return Tips to Get the Most Out of Your Return‍

Alice’s Go-To Micro Business Essentials

Alice standing, holding a pen next to a marble counter with laptop, card reader, notebook, boxed cakes and a green fruit‑decorated cake on a stand, against a peach wall.

Same Day Printing 

A series of images showing an assortment of Miss Trixie’s custom brand stationery. Products include flyers and stickers being applied to packages.

“I get lots of little flyers printed at Officeworks and it means that I can put the flyer onto my cake box and advertise to my customers what's coming up. So if I've got workshops coming up, I'll print a flyer for it, they can scan a QR code and books right in, which is heaven. And then I also get stickers printed at Officeworks to put on my cake boxes because branding is everything right?"

‍What to Try

‍Catering and Kitchen Essentials

A series of images showing an assortment of cleaning and catering supplies. Products include cling wrap, paper towel, antibacterial wipes and lollies.

As well as Co. Bake Space, Alice runs a commercial kitchen to fulfill cake and catering orders–these are the essentials that help keep everything clean and organised.

‍What to Try

‍Stationery and Tech Tools

Alice relies on her laptop to keep the day-to-day of the business running, as well as her phone for content creation–but she swears by using pen and paper to make sure everything is crossed off her list and to finesse ideas for her next cakes. In fact, she only uses one specific pen. “ “I love these Uni-ball pens because they are incredibly smooth,” she says. “They last forever and we use them all the time in the kitchen, writing up postcards. And they're so good that I have to hide them from my staff, otherwise they'll steal them.” 

‍What to Try

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It’s free to sign up for Officeworks for Business – all you need is an ABN. You’ll save 5%* on thousands of business essentials, get access to exclusive deals and unlock tailored support for your team. 

This is general information only and does not constitute taxation or legal advice. Other requirements under the tax law apply. Seek professional tax and/or legal advice.

*Available to Officeworks for Business customers with a valid ABN only. Excludes account holders with negotiated pricing.

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