Tax Time Tips and Questions

27 May 2022

When you are running your own business, no matter what structure you have or industry you are operating in, keeping accurate, up to date records is essential.

Setting targets, knowing your financial position and having the information to hand to make informed business decisions will not only make running your business easier, it helps you keep track of how your business is going financially.

It is coming to the time of the year to work on preparing your financial information for your accountant to help ensure your tax return is accurate and prepared on time.

The following questions and tips can help make this process painless for both you and your accountant!

  1. Have you kept a record of all income – business and personal?

Your accountant can help work out whether income is taxable or not.

  1. Do you have owing debtors?

Your accountant can help you work out strategies to manage them.

  1. Provide a list of all your business expenses.

If you are unsure whether they are a business or personal expense, keep a record and your accountant will help work out if it is a taxable item or not.

  1. Do you know what format your accountant likes their records in? Do they prefer a certain accounting package or format?

When you are sending figures to your accountant in preparation for your planning meeting, try to send them all at once as this will help make their job easier. Make sure records are sent through by the end of May!

Now that you have asked yourself these questions and have sent through your collected the records to your accountant read more below on tips about planning meetings with your accountant.

  1. Review your figures with your accountant.

How much do you want to grow your business by? Are you making a profit and if so, do you want to grow this profit? What are your business priorities and goals? Are you achieving your targets?

  1. Having planning meetings with your accountant is critical to ensure you maximise your deductions. Don’t wait to do your tax planning to the afternoon of the 30 May!

Entrepreneurship Facilitator Jason Virtue hosted Financial Planning for the year ahead webinar, going into further detail on each point. View video below.

Of course, these are starting points, so for help further developing your business, contact the Business LEAP team on 1300 249 482 for business assistance and information.

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