Tips and Tricks for your next Tax Return Duncraig
Author │ Simon Liddicoat – MAS Tax Accountants Duncraig-Warwick
May 2017 │ 6 minute read
Tax time is approaching. For many small business owners, this can come with a sense of dread and stress. Law changes, Federal Budget announcements and endless paperwork are just some of the factors that contribute to unnecessary frustration. However, there is a way to successfully navigate this time of year and insure that your business tax return Duncraig is under control and on-track.
I always advise my clients and others with small businesses to not forget the basics. Stay up to date with your bookkeeping, or take the time to catch up on it before the end of the financial year. Running your business in an organised efficient way will make the annual tax time less stressful and you’ll be thanking yourself come July 1.
To help take the stress out of tax time, I have listed my Top 4 Tips for surviving the Tax Season.
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Stay organised
Keep a record of daily transactions and make it as detailed as possible. Whether you are an on-the-go entrepreneur, busy on the shop floor or working from home, you can use smart technology and software to your advantage. Rely on bookkeeping systems and smartphone apps to track spending, scan receipts and back up files to the cloud. This will allow you to verify that business expenses are accurate and legitimate.
One of the reasons small businesses have a hard time getting through tax time is because their tax documents are unsystematic. It is important to have an organised system for filing, to help keep sorting and finding expense types simple. Your business tax return Duncraig information can be filed and accessed through cloud-based systems, placing all your documents at your fingertips. Online accounting software packages, such as Xero and QuickBooks, allow you to record your expense receipts both in the office and on-the-go.
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Understand the Tax Basics and Changes
The easiest way for small businesses to save money when completing their tax, is to be aware of itemised deductions and offsets eligibilities. Tax conditions and allowances can change year-to-year, due to government leadership changes, Federal Budget updates and the ATO.
Perhaps the most significant announcement for small business from this year’s Budget night was the extension of the $20,000 instant asset write-off. The changes allowed the concession to be available to business with an annual turnover of up to $10 million; which was bumped up from the previous $2 million threshold. What this means for you and your business tax return Duncraig, is that if you’re in need of new work-related tools, equipment or vehicles, you can stage your capital replacement program into the following year.
As the Federal Budget has been recently announced, here is a simple small business action list to assist you to organise your tax and accounting duites:
- Update your accounting software to use the latest tax tables.Many of the cloud-based software packages will update automatically, so know what is included in your system package.
- Set up your employee details correctly. Be sure to select the correct tax-free threshold in your accounting software.
- Set up additional superannuation payments correctly. Consider whether the contributions meant to be before or after tax.
- StaySuperStream compliant by using the Super portal.
- Be aware of Single Touch Payroll initiatives.
- Be aware of Simpler BAS initiatives.
- Understand the tax concessions announced, such as the Instant Asset write-off mentioned in the above section.
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Set reminders
It’s easy to lose track of deadlines in the middle of tax cycles. Having a calendar to remind you of important lodgement schedules, (such as Activity Statements, Superannuation payments, Payroll taxes, and annual returns), helps you avoid unnecessary tax penalties. Engaging in year-round tax planning also can aid in easing your taxable income for the year. This can help you to review your strategies regularly.
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Enlist help from a professional
You don’t need to do everything yourself, nor should you. Small errors have the potential to cost your business time and money. Do not hesitate to seek assistance from your accountant or tax professional to discuss areas that you are unsure on. With the right help, you’ll find managing your business tax and accounting commitments quick, easy and less stressful this financial year.
At MAS Tax Accountants Duncraig-Warwick, we provide tailored packages to provide you with the right level of support. Speak with our Tax Accountants today and look after your business tax return Duncraig responsibilities.
Learn more about our Duncraig-Warwick office, including our Tax, Accounting, Business and SMSF services.
For more information or to make an appointment, please contact us below or call us on 0409 683 469
