Whether you prepare your own return or use a registered tax agent, get ready now with these tips so that lodging your tax return goes smoothly.
- Check whether any expenses you may be thinking about qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.
- sales and other business income
- expenses you can claim as a business deduction.
- tart gathering and sorting your business records now. You need records of all cash, online, EFTPOS, bank statements, and credit or debit card transactions covering:
- Make digital copies of any paper records and make sure you back them up. If you’re a sole trader you can use the myDeductions tool on the ATO app.
- Even if your business hasn’t made any income this year you still need to prepare and lodge a tax return if you have an ABN.
Remember, being well prepared can help you manage your cash flow and get you your refund faster.
Here are also some GST & BAS tips to assist in keeping your business on track now and into the new financial year:
- Keep all records used to prepare your BAS for at least five years.
- Only claim GST credits for business purchases that include GST in the sale price.
- Check that suppliers are registered for GST.
- Check invoices are only reported once on your BAS.
- You need to hold tax invoices to claim GST credits for purchases over $82.50 (including GST).
- Fill in amounts on your BAS as whole dollars ‒ leave out cents and don’t round up to the nearest dollar.
- Lodge your BAS using our online services and you may receive an additional two weeks to lodge and pay.
- Putting money aside in a separate bank account for the GST you receive may make it easier to pay your BAS.
- If you think you’ll have trouble paying, contact us early. Even if you can’t pay, you still need to lodge your BAS on time.
Need help? Contact Second Look today!
