Conquer tax time, every time
1: Know what matters to the ATO
The ATO has specific points of interest when it comes to your business and tax time. These are the things you need to address – sooner rather than later – to make sure your business has everything in check come end of financial year.
2: Check your accountant’s above board
Make sure any tax agents or accountants you use are complying with their own obligations. If they cut corners or get a bit murky with compliance, it could affect your credibility. All compliance information is readily available online.
3: Be exemplary with your expenses
Your business-related expenses are a big point of interest for the ATO. Make sure you have a good system in place to track and consolidate your expenses throughout the year. And have the relevant documents to back everything up. From stationery to travel, the ATO will closely examine your claims to make sure they fit under the business umbrella. Claiming personal expenses is risky business.
4: Maximise your deductions
On the flip side, make sure you’re taking full advantage of tax deductions. Small businesses can claim an immediate deduction for depreciating assets under $20,000. Plus, any self-education can also be deductible. This includes any training or courses you and your employees have done. If it’s directly linked to your current job, then it’s probably tax deductible.
It might seem like a lot to take in, but a little preparation now can help you sail smoothly through end of financial year. Another important thing to do is take time to review what worked and what didn’t. It’s amazing how powerful a bit of reflection can be.