It’s that exciting time of year, Tax Time! We understand that it may not be as exciting for those who operate outside the Accounting realm. While attempting to navigate all the ATO and other regulatory hurdles along the way, just remember that early preparation is the key to making this years’ tax season a smooth and mistake-free one.
Don’t forget, you aren’t alone in this, we’re always around to help you navigate the end of financial year. As a starting point, follow these steps to ensure you’re well and truly prepared for tax time come 30 June 2019.
Get organised
As Benjamin Franklin would say there’s “a place for everything, everything in its place”. Although we’re pretty sure he wasn’t referring to tax season, he was right since the first step in simplifying your tax affairs, is to simply get organised.
To do this, start by gathering and organising all your personalincome information, business information and any of your dependents’ tax-relevant information.
To ensure you’re across everything before you hand over your tax information, call us or simply check out our handyresources page for useful ATO Links, Tax Fact Sheets and Business/Individual Tax Return Check Lists.
For our business clients, an example of the type of information we often request are as follows;
- Bank, loan and credit card statements confirming the balance as at June 30 2019.
- Any tax invoices for major asset purchases made the 2018/19 financial year and finance documents (if applicable).
- Workers Compensation tax invoices, (if financed) including payment schedules and supporting documentations from insurance broker.
- Insurance tax invoices showing the GST, (if financed) including payment schedules ans supporting documentation from insurance broker.
- Copies of payment summaries, details of any bad debts and 30 June 2019 stocktake figures.
To get all your tax needs in order, contact us at Nexis today.
