EOFY is coming! Handy SME tips to take the stress out of this year’s tax return.

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Tax time is fast approaching, and despite all your best efforts and your promise to be organised this year, you realise that you’ve let it slip. It’s okay, we are human after all.

The key to not only surviving but thriving through tax time is organistation. Organisation will take the stress out of the situation and will ensure you remain level headed.

Before you even consider submitting your business tax return your finances will need to be reconciled and checked for accuracy.  If you haven’t done this, don’t panic there is plenty of time to get this completed before the deadline.

This can be completed by yourself, but if you aren’t 100% confident and not sure what you are looking for, it is recommended to hire a bookkeeper for this. Known as recue work, a bookkeeper such as our business, Bookkeeping Your Bizzy Bizness will take the worry out of your finances by getting your business up-to-date. BAS Agents can also liaise with the ATO to lodge any outstanding BAS/IAS.

What sort of things do I need to have?

When in doubt The Australian Tax Office outlines the financial records you’ll need to provide in order to have your return submitted, these include the following:

Income

  • Bank account statements
  • Cash register tapes
  • Credit card statements
  • Sales invoices
  • Sales receipts

Expenses

  • Motor vehicle expenses, including logbooks
  • Debtors and creditors lists
  • Records of depreciating assets
  • Stock take records
  • Records of any private use of business purchases or assets
  • Records of assets for capital gains tax (CGT) purposes.

Owning a business doesn’t mean you have to be an expert at everything. Even individuals who are well versed in doing tax returns, shouldn’t have to sacrifice time or energy thinking about tax and their cash flow all year long.

The benefits of outsourcing to a bookkeeper

Outsourcing to a bookkeeper is going to free up your time and allow you to focus on what you’re great at, which is running your business. Having a passionate and experienced bookkeeper on your side will make sure your finances run smoothly every day of the year.

Just like accountants, your bookkeeper offers you more than just data processing. Don’t be afraid to ask questions! A bookkeeper will teach you in greater detail about the financial management of your business.

Book in your appointment today

Getting ready for tax doesn’t need to be a race, if you don’t have the support to make sure that you’re on the right track contact the team at Bookkeeping Your Bizzy Bizness. We offer a free complimentary session and can easily get you back on track.

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