3 Things to Do to Get Ready to Submit Your Tax Return
By Heaney Business Group
Tax time is fast approaching and you don’t want to get caught short. Start by getting support and advice from a Business Accountant. HBG Tax & Accounting offer advice when it comes to your personal tax return as well as your business deductions and has the expertise to help you on matters relating to your Individual Tax Returns.
To claim deductions against the tax you have paid, you need to have made the deductions in the relevant year and in some cases that can before the deduction is actually due. There are main areas where an accountant can advise you on the best timing to pay invoices to maximise the benefit that you will receive, this advice needs to be tailored to your specific circumstances.
Here are 3 broad areas to consider before the end of the tax year.
Keeping Your Documents in Order Using Simple Steps
- Tax Deductions
- Log Books
- Claiming GST
When running a business or working as a sole trader you need to know what deductions you can claim so you can reduce your assessable income which in turn will reduce the amount of tax you have to pay. To support your deductions, you must keep the relevant tax receipts with a transaction record showing the expenditure items.
Using a vehicle for work purposes or if your business is supplying vehicles record keeping may be required. Travel that exceeds 5,000 km each year must be documented, keeping a log book in your vehicle for yourself or staff with the odometer readings noted can be used as vehicle expenses, running costs and depreciation. Don’t forget to mark any personal use separately in your log book. Logbook records need to be kept for a continuous 12 week period and redone every 5 years. See the ATO’s Logbook method for more details or speak to your accountant.
Certain items in business can be claimed for the whole amount of GST that you pay however you can only claim a portion of GST on items that are also used for personal use. For instance, if you purchase a car and you use the vehicle half the time in the business and then half time for personal use, you can only claim for 50% of the cars GST.
Needing to Know More About How to Get Your Tax Matters in Order?
The team at HBG Tax & Accounting are your local accountants in Rockingham who have all your tax needs covered; not just business, for individual tax returns and accounting matters too.
Call the team at HBG Tax & Accounting to make an appointment on 08 9594 1963 to discuss all your tax needs.