Be prepared for Tax Time with these checklists.
Click the links below to download a free handy PDF copy of the tax return checklist for both individuals and businesses:
Here are 3 essential tips for small to medium enterprises to assist with preparing for the 2020/21 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.
If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking.
With three offices across Western Australia and over 20 years of experience, Muntz Partners is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.