Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.
Are you running a busy small business? It might make it easier for you to have a tax professional help you with your tax obligations.
You can also find information yourself, for example through the ATO website and ATO CommunityExternal Link. You can then speak with a tax professional to understand how the information applies to you.
When we see businesses doing well, one reason is that they have accurate and complete records.
If you’re planning to see a tax professional, it helps to keep your records organised throughout the year. The less time your tax professional needs to spend sifting through your paper receipts and other records, the more time they can spend on the complicated parts of your business.
If you cross-check your records against the original documents regularly, it can make it easier for you to pick up mistakes early.
If you’re a sole trader, try using the mydeductions in the ATO app to capture your expenses as they arise. Then you can upload your deductions online via myGov or email the data to your tax professional when it’s time to do your tax.
It’s also a good idea to set up a separate bank account for pay as you go (PAYG) withholding, employee super and GST. This will help you avoid the temptation to use it as cash flow, and ensure you’re on track to pay in full and on time.
Remember, tax professionals can help you with your tax, but you’re responsible for keeping business records and what you claim in your returns. We know there’s a lot to be across when it comes to operating a business, so we’ve created a flexible and free online training resource, Essentials to strengthen your small businessExternal Link, you can use and share with your tax professional to help keep your record keepingExternal Link on point.
QC101541 – Published 11 April 2024