New Year Resolution 2017: How To Be More Organised This Year
15/12/2016
It feels like we have just entered into 2016 yesterday and now the New Year is just a few days away. How time passed by so quickly! As New Year comes, there should also be new resolutions for the better you and your businesses. A wise word from your local tax accountants, it pays to get more organised. Remember the stressful time of submitting last minute tax return Perth of yours? Yep. Let’s avoid that. There could not be any better time to get organised and start the year with a clean slate other than this.
Here are some tips in making your next tax return Perth a breeze.
Develop a good filing system
A little bit more organisation will make a lot of difference. You have just recently gone through your 2016 tax return Perth, and you should understand how it works now. Get your paper work in a designated filing system, can be as simple as a binder file, or an excel spreadsheet with folders of categorised scanned invoices daily. A more sophisticated system can be achieved by using Sage Handisoft Point&Claim, a free smartphone expenses management app for business owners, bookkeeper Perth and tax accountant. It works by capturing the image of the invoices and managed on the app’s portal. For small businesses, the use of cloud bookkeeping such as Xero might be an advantage. You can store your receipt and raise invoices all in one place. Your tax accountant Perth can also see the information live, making it easier for them to advise what can and cannot be claim.
Understand what can and cannot be claimed
This is the part where more knowledge and
expertise are required. Generally, only expenses directly related to business
and/or your work can be claimed in your tax return Perth. It is always a good
idea to know what can and cannot be claimed to eliminate the filing work. The
easiest way to know is by calling your local tax accountant Perth. They would
most likely schedule in an appointment for you to come and bring all of your
paper work. Thus, having a good filing system will save a lot of time and
effort on that day. Another way of educating yourself with Australian tax is by
keeping up to date with the changes in budgets and laws through the ATO
website. When in doubt, of course it is best to ring your tax accountant Perth
for advices and further explanations.
Be informed of due dates for returns
All the hardwork will come to nothing if you missed the due dates. Be it your individual tax return Perth, Business Activity Statements, Partnership, Trust, or Company tax return Perth. The ATO charges penalty on late returns on daily basis and withhold any tax refunds on outstanding returns. When you are well aware of the due dates for your tax return Perth, it will help you to be more organised, also reducing the last-minute time and effort that might cause some information to be accidentally excluded due to the timeframe. The turnaround for your local tax accountant also needs to be taken into account in lodging you tax return Perth on time.
The articles published by STC Partners are for your general guidelines only. Please contact our Perth accountant for a specific query.
Whether you are facing complex tax issues or just need your tax return Perth completed quickly, our consultants are ready to assist you. Call our office today to enquire about tax advice on (08) 9362 1000 or email admin@stcpartners.com.au