Tax time is just around the corner....

Tax time is fast approaching, but it doesn't have to be a race against the clock for your business.

Get ready now with these tips so that lodging your tax return goes smoothly.

  • Check if you have any expenses that qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.

  • Start putting together your documents. You will need records of all cash, online, EFTPOS, bank statements and credit/debit card transactions that cover:

-Sales and other business income

-Business deduction expenses that you can claim

  • Make sure to save any digital copies of receipts/invoices to support your claim for deductions and tax offsets. It is important to save these records for 5 years for individuals and 7 years for companies (Receipt bank is a great app you can use on your phone to save any receipts or invoices at the touch of a finger, read our Receipt bank article for more info)

Even if your business hasn't made any income for this financial year we will still need to prepare and lodge a income tax return if you have an ABN.

Need more information regarding your 2019 Income Tax Return? Why not give us a call today!

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