Tax time, while necessary, can be daunting for small business. But a little preparation before the end of financial year can pay dividends when it comes to preparing the year-end accounts and tax returns.
In order to ensure a smooth tax time, small businesses are advised to make good record keeping a habit. By gathering, sorting and keeping a clean record, you will ease the tax lodgement process for yourself or your tax agent. You will also have a strong insight into how your business is performing all year long.
Expenses and deductions
If you are uncertain about how to approach claims, remember that the ATO allows small businesses to write-off most costs incurred in running a business.
Despite these conveniences, small businesses often don’t put enough effort into figuring out what they can claim and risk finding themselves in serious trouble.
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