Checked your calendar lately?…. Tax time is fast approaching so if you’re a small business owner now’s the time to get organised. But never fear, the end of financial year doesn’t have to feel like a bad hangover. Preparation is key so start now – we’ve put together a checklist to ensure you’re immune to EOFY chaos. Get It Together It’s vital that you’re organised at this time of the year. Prepare for tax time to avoid unexpected issues or extra demands. Identify any tasks and complete them; ensure your records are up to date, check that you meet all the ATO requirements and that you have all the necessary supporting documentation ready including expense reports and balance sheets. Follow The Money Be sure to chase down any debts from clients before 30th June; ideally you don’t want anything outstanding from the previous tax year. Identify what assets you have that can be upgraded and which ones can be written off. Likewise, consider whether you’re intending to make any purchases before 30th June; like vehicles, equipment or computers. Know Your Legislations What do you mean? As a small business it is important to remain in-the-know on any tax legislation amendments … Continue reading Tax Time Preparation For Small Businesses & Entrepreneurs