• UberPeople.NET - Independent community of rideshare drivers. It's FREE to be a person and enjoy all the benefits of membership. JOIN US! CLICK HERE

ATO: Preparing for tax time

Jack Malarkey

Well-Known Member
From the Australian Taxation Office’s Small Business Newsroom:

Ready, steady…



11 June 2019

The end of the financial year is just around the corner, but it doesn't have to be a race against the clock for your business.

Whether you prepare your own return or use a registered tax agent, get ready now with these tips so that lodging your tax return goes smoothly.
  • Check whether any expenses you may be thinking about qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.
  • Start gathering and sorting your business records now. You need records of all cash, online, EFTPOS, bank statements, and credit or debit card transactions covering:
    • sales and other business income
    • expenses you can claim as a business deduction.
  • Make digital copies of any paper records and make sure you back them up. If you're a sole trader you can use the myDeductions tool on the ATO app.
  • Even if your business hasn't made any income this year you still need to prepare and lodge a tax return if you have an ABN.
Need help? We have a range of services and tools for small businesses.

Remember, registered tax and BAS agents can help you with your tax.

Find out about:
(https://www.ato.gov.au/Newsroom/smallbusiness/General/Ready,-steady---/?sbnews20190619)
 
Top