Simple tips to get your small business tax ready

Can you believe that it’s nearly that time of year again!

Even if you have an amazing accountant that takes care of everything at tax time, you’ll still need to do some kind of preparation. As a small business owner it’s important to work closely with your accountant, and have everything ready so you can get the maximum out of your tax return. After all, we all want to save money right?

Here are a few simple ways to get your small business tax ready.

Know the important dates

If you have a great accountant they will know these dates, but it helps if you know them too. Speak to your accountant and note down the specific ATO due dates that relate specifically to your business.

Maximise your deductions

Have outstanding invoices? Pay them before 30 June if you want to maximise this year’s deductions. Get in touch with your suppliers and ensure you have all invoices in advance. Find your receipts and have them ready for your accountant.

If you rent out your property through Airbnb or a holiday accommodation office, and don’t use accounting software like MYOB or Xero, there are some great apps available to help you keep track of your expenses and receipts.

Expensify – Apple – Android
Shoeboxed – Apple – Android
Smart Receipts – Apple – Android
Receipt Bank – Apple – Android
ATO MyDeductions – Apple – Android

Know your assets

It’s important to stay on top of the value of your depreciating assets and talk to your accountant to find out your options.

Changes in legislation

What has changed in the 2016/17 financial year? If you have a good accountant they’ll know all relevant legislation changes, but it’s a good idea to keep up to date with the changes yourself so you don’t miss out on anything that will save you money in the long run!

Are you happy with your accountant?

Finally, were you happy with last year’s accountant? Do they know your finances inside out? If you weren’t entirely pleased with your accountant last year maybe it’s time to move on and find another one. Speak to your friends, family and other small business owners and ask for their recommendations.

Don’t forget, get your National Hotel Supplies orders in before 30 June so you can claim your deductions this financial year.

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