The end of the financial year (EOFY) is here but with some planning and preparation, it need not be an exhausting time for small business owners. This EOFY checklist may help you meet your legal obligations and assist you in getting the right tax outcomes for your business.
EOFY is less scary than it sounds. It’s a yearly report of your business income (or loss) and a chance to claim deductions. Your tax return is due to the Australian Tax Office (ATO) by October 31 of each year.
I’m here to save you time and keep you organised for tax time with all your bookkeeping and tax needs. Kiss goodbye to the spreadsheet overload and late lodgement of tax returns, and say hello to EVOLVE TAX & BOOKKEEPING!
As a business owner, you need to keep records of all of your financial transactions under Australian tax law. This includes documentation explaining how your income and expenditure figures were calculated, as well as documents supporting these calculations and any other elections or choices you have made within your tax return.
Get Organised Now
While it can be tempting to put off completing your tax return, the sooner you know what your tax liability is, the better you can budget to pay and lodge at a time that best suits your business. Check with your accountant for the tax due dates that apply to you.
For more information on your business and your tax obligations email me at firstname.lastname@example.org