June 30 is just weeks away and whether you use an accountant or not, there are still a number of things you should be doing to get yourself prepped and ready for Tax Time. These 4 tax tips are a great start.
Tax Tip #1 – Perform a Business Health Check
The end of the financial year is a great time to check in on the health of your business.
By checking your systems and record keeping you can make sure that you’re in a good position to efficiently and accurately complete your return, even before you step foot in your accountant’s office.
There are a number of informative tools available to help you, including the ATO’s Business Viability Assessment Tool .
Tax Tip #2 – Record Keeping
Remaining mindful of your finances all year round is ideal, but the reality is we all get busy and keeping immaculate records is time consuming.
Now is a great time to switch to electronic record keeping, you haven’t already. If you’re a bit old school and still like to keep paper records – make sure you are super organised.
There are many great products available to help keep your records protected and organised, from folders to files and specialised cabinets. Consider how much paperwork you have on hand, how much you’re likely to accrue during the next financial year and choose the most appropriate system for your needs. An organised office can make everything run more smoothly, not just tax time!
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