So you think you’re ready for tax time? Good for you! Not many people are.
End of financial year isn’t a most favoured time of year for many business owners. But with the right planning and organisation in place (and the right accountant), you can make the lead up to June 30 far less painful.
Here is a list of three key items to help you prepare for a stress-free EOFY.
Vital records and documents
- Income
- Invoices
- Receipts for expenses you can claim
- Employee records (wages, superannuation, PAYG payment summaries, etc.)
- Bank statements
- Records of cash transactions
- EOFY tax records
- Personal information (ABN, address, moving dates, bank details, etc.)
Book an appointment with your accountant
The sooner you meet with your accountant, the sooner you can kick-start the tax return process. Come to your appointment with all your relevant documents (if you haven’t already mailed them online) and a list of any questions you would like to ask.
Remember, your accountant is there to help you and make the process as simple and efficient as possible with the best possible outcome. The quicker you respond to your accountant, the swifter the process will be.
Plan for the aftermath
If you are lucky enough to be expecting a tax refund, you may want to start thinking about the best way to use the refund to your advantage. Would you like to put it into an investment property? Perhaps your business requires new machinery? Could you pay off a debt, or put it towards an upcoming expense? Planning what you want to do with your money and talking to your finance professional will help you to make better, well-informed decisions, rather than blowing it the moment it arrives in your bank account.
Alternatively, if you are expecting to pay a tax bill, ensure you have secured your payment method.
Even if your income is below the tax-free threshold, you still need to lodge a tax return. By putting these tips into practice and organising a time to speak with your accountant, you’re in for a smoother and happier EOFY. Call us on 07 3367 3155.
