Tax time doesn’t have to be a headache. Our team of tax specialists know all the tricks and tips to make your end of financial year a less stressful experience.
From organising your receipts to upgrading your accounting software, here are our top tax tips that you can put in place, so you can enjoy a more efficient tax time next year.
Understand What You Can Claim
There can be specific things you can claim that relate to your industry. Whether you’re a sales professional, a tradesperson or a midwife, make sure you know what you can legally claim, as you may be missing out on some important deductions.
Organise Your Receipts
Make sure your tax appointment runs efficiently by organising your receipts prior to your appointment. Our suggestion is to group your receipts by their expense type and record the totals for your accountant to review.
Connect With Tech
If you’re not yet using cloud-based accounting software you could be costing your business time and money. Investing in systems such as MYOB, Xero and Quickbooks will streamline your accounts and ensure greater accuracy.
The ATO offers a free app that can help you keep track of your expenses and your super, with a range of handy tools and calculators. The app is compatible with most mobiles and tablets with iOS 10, Android 6.0 or later operating systems. Why not download it today?
If you’re utilising cloud-based accounting solutions, please remember to reconcile your business transactions prior to organising your tax appointment.
A simple way to reduce the impact your expenses have on your cash flow is to pay your deductible expenses as close to 30 June as possible.
Pay Outstanding Super
Have you considered paying outstanding super before EOFY? If your super payment is processed and paid to your employees by 30 June, you’ll be able to use this as a further tax reduction.
Get Tax Ready
Before you organise an appointment to have your tax done, make sure you’ve logged into your MyGov account to ensure that your income statement is Tax Ready.
Consider Tax Planning
Have you considered the option of tax planning for your business? Our accountants are here to help you maximise your refund. By utilising tax planning in your business, you’ll be able to confidently predict the tax you’ll pay — and minimise your tax bill.
Your Tax Mate has helped countless small to medium sized businesses get the most out of tax time. Get in touch with our experienced accountants to find out how we can assist you by phoning 07 3818 2442.