Whether you’re just starting out in business, or you’ve been your own boss for years, the end of the financial year (EOFY) can be a busy time.
To help you organise your financial records and find the paperwork you’ll need to pass onto your accountant, we’ve put together a handy EOFY checklist that you can download and tick off each required item as you go.
Tax record keeping requirements
As a business owner, you need to keep records of all of your financial transactions under Australian tax law. This includes documentation explaining how your income and expenditure figures were determined, as well as documents explaining how any elections, estimates or calculations within your tax return have been calculated.
For example: if you use your home internet for business purposes and plan to claim a portion of the cost on your tax return, you’ll need to have supporting documentation (such as a usage log) to support the percentage of the cost you are claiming through tax
It pays to be organised
While it can be tempting to put off completing your tax return, the sooner you know what your tax liability is, the better you can budget to pay and lodge at a time that best suits your business. Check with your accountant for the tax due dates that apply to you.
Looking for ways to maximise your tax return?
Our tax planning tips to maximise your return explores the tax planning strategies you could consider to help you get the most from your tax return. You’ll need to act before 30 June to put these strategies in place for your 2017-18 return, so speak to your accountant sooner than later to see if they might be right for you.
For more information on your business and your tax obligations, contact our free small business advisory service on 13 12 49.