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!