Handy Tips to take the Stress out at Tax Time

Tax time is here in Australia with our financial year ending 30th June.

Despite all your best efforts and your promise to be organised this year, you realise that you’ve let it slip once again.  It’s okay, we are human after all. You did have good intentions, but, where did the year go?

As you reach down to the bottom of your Shoebox,

  • the one you call a filing cabinet,
  • the one you keep all your expenses that you paid over the year,
  • you know the bills, receipts that you paid,
  • and where is the payroll ledger book?

You need the above items, so you can claim back any expenses that can help reduce your business taxes.

You think to yourself there must be a better way of doing this Shoebox thing.

The key to not only surviving but thriving through tax time is organisation. 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 are not 100% confident and not sure what you are looking for, it is time and highly recommended to put on a bookkeeper. Have you heard of Rescue work, a bookkeeper in practise such as ourselves, Bookkeeping Your Bizzy Bizness will take the worry out of your finances by getting your business up-to-date and current.

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
  • Expenses paid in the business
  • 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.happy businessman with papers

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.

We will set you up with an online accounting solution namely Intuit QuickBooks Online which we do specialise in, we train you to send out your invoices, take a photo of your receipt on your phone (yes I said your phone!) and send it to the cloud where this receipt will be sitting at your Online banking feeds area in the cloud. No need for a shoebox ever again.

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 a whole lot more than the normal day to day transaction type queries. Don’t be afraid to ask questions! A bookkeeper will teach you in greater detail about the financial management of your business. Why hadn’t you thought of this before ?

Easy –  Stress gone!

 

Related Article