Tips to tackle tax time like a pro

A couple discussing their annual tax return on a laptop

The end of Financial Year (EOFY) is upon us! Self-employed or a small business owner? Understanding the different information available could help to simplify the tax process for you.

The official ATO website provides some handy resources for up to date information that may be relevant to your business tax requirements. Here are 7 tips to help stay on top on the EOFY and set yourself up for success going into the new financial year. 

7 tips to help stay on top of your tax

1. Know the key dates

Put all the key dates related to tax requirements in your diary now so you know when things are due and give yourself time to plan. 

2. Consider investing in software

If you haven't already done so, using an online electronic filing system could help you keep track of what’s coming in, going out, and keep the accountant costs down. Unsure where to start?  Learn how to choose accounting software for your business. 

3. Use good supporting tools

There are many free or inexpensive tools you could use to organise and automatically put all your day-to-day business transactions into buckets - such as apps for receipt scanning and coding. By getting into the habit of recording as you go, it might leave you with a whole lot less work to do when tax time comes.

4. Try and make time

By locking in an hour each week to review your accounts you could help ensure that your accounts and records are up to date. By doing a little each week, you can save yourself stress and time when it comes to sorting out all these records at the end of the year.

5. Don’t rule out a tax professional

Many business owners are understandably hands-on in every part of the business, but tax planning and preparation could be one area to reach out to a professional. A final check by a tax expert could help ensure that everything has been done correctly, that you are fully compliant, and that all of the appropriate deductions are included.

6. Get tax savvy

Even if you do plan on using an accountant, it's important to understand the value and expertise they offer, and the basics of tax implications for your business. You can start by reading through the online information available from the  government and you might consider attending one of their tax essentials workshops in your area.

7. Think with the end in mind

Set yourself on the right course and book the appointment with your accountant now. Having that date in your mind as a non-negotiable appointment could help keep you honest, on time, and ahead of the game. 

Getting into the habit of regularly recording all of your business transactions and forward planning is a great way to make tax time more efficient and less stressful, meaning you can focus your time on running your business.

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