Understanding financial reports is a fundamental skill for business owners...Read More
The Australian financial years runs from 1st of July to 30th June and if you are submitting your own tax return you need to do so by 31st October.
Make sure all business income is recorded. This includes sales paid for in cash or into your personal bank account, interest earned from the business bank account.
During the last year some business received Covid grants that are taxable income, and these also needs to be declared as an income.
As a sole trader, when lodging tax return you also report other income earned during the financial year that was not part of the business income, this may include: Salary earned as an employee, interest income, share and dividends, Cryptocurrency, rental income.
Make sure all business expenses are recorded including expenses paid for from personal bank account, PayPal, cash.
Business expenses you can claim as deductions depends on your business structure and nature.
Here are some examples for potential deductible business expenses:
It is important to keep all invoices / receipts for expenses you wish to claim as a business deduction.
As a sole trader you can make personal superannuation contribution to be claimed as tax deductions.
There is now better time to help a good cause while making a tax-deductible donation.
Your tax agent will require a list of all the business assets and inventory to calculate assets depreciation and prepare your tax return.
Your tax agent is the professional provider who can advise you on all matters relating to your tax return.
These are all good practices when running a business and will help you save time and money in the long run.