Small business corner - Tax time tips from the ATO
Source: ato.gov.au
We know it's a busy time of year.
Here are some tips to help you get ready to lodge your tax return:
Gather and sort your business records now, including cash, online, EFTPOS, bank statements, credit or debit card transactions covering:
- sales and other business income
- expenses you can claim as a business deduction such as staff wages, contractor expenses, operating expenses and business travel expenses.
- If you changed your record keeping software during the year, check that all your information has transferred over correctly.
Are you a sole trader?
- Even if your income is below the tax-free threshold, you still need to lodge a tax return.
- Do you pay PAYG instalments? Lodge your activity statements and pay all your PAYG instalments before you lodge your tax return so your income tax assessment takes into account the instalments you've paid through the year.
We offer a range of support services and tools to help you get it right and stay on track throughout the year.
Remember, registered tax and BAS agents can help you with your tax.