As we near the end of another financial year, now is the time to start looking at your tax return.
If your heart missed a beat when you read that, don’t be alarmed.
While tax time can be a stressful period for small business owners, there are many things that you, as a business owner, can do to minimise this pain.
Here are five things you can do now to ensure a smooth tax season and ensure you get the most out of it.
Records, records, records
Having up-to-date records is the most important component of any tax preparation.
Apart from the obvious, such as purchase receipts and sales invoices, paperwork is something too often overlooked until your lodgement is due.
Now is the time to get everything in order.
Double check that you’ve recorded your logs for car and home office usage.
Do you have your business travel itineraries with any personal components recorded? Are your books reconciled and GST properly categorised? Read more
Olivia Maragna – Brisbane Times – 9 June 2018