It’s the end of another financial year, which means getting all your books in order. Tax time doesn’t have to be stressful if you are prepared and organised.

Here are 3 essential tips for small to medium enterprises to assist with preparing for the 2019/20 tax return period:

 Deductions and write-offs:
Keep all your expenses records handy. Check any expenses that you believe may qualify for small business tax concessions including the instant asset write-off and any immediate deductions.

 Get your business records in order:
You will need records of all income transactions including cash, online, EFTPOS, bank statements, and credit or debit card statements.

 Digital back up of paper records:
Create and archive digital copies of your paper records for future reference. Sole traders can use the myDeductions tool on the ATO app.

Follow these links to download a handy PDF copy of the tax return checklist for both individuals and businesses:

2019/20 Business Tax Return Checklist

2019/20 Individual Tax Return Checklist

If you have any questions regarding tax returns please don’t hesitate to contact our team on (08) 9392 7600 or find out more about how we can help here.