It’s the end of another financial year, which means getting all your books in order. Tax time doesn’t have to be stressful if you are prepared and organised.
Here are 3 essential tips for small to medium enterprises to assist with preparing for the 2019/20 tax return period:
Deductions and write-offs:
Keep all your expenses records handy. Check any expenses that you believe may qualify for small business tax concessions including the instant asset write-off and any immediate deductions.
Get your business records in order:
You will need records of all income transactions including cash, online, EFTPOS, bank statements, and credit or debit card statements.
Digital back up of paper records:
Create and archive digital copies of your paper records for future reference. Sole traders can use the myDeductions tool on the ATO app.
Follow these links to download a handy PDF copy of the tax return checklist for both individuals and businesses:
If you have any questions regarding tax returns please don’t hesitate to contact our team on (08) 9392 7600 or find out more about how we can help here.