Tax Tips to Prepare for EOFY 2020 - Accounts NextGen

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TAX TIPS TO PREPARE FOR EOFY 2020

The mid-year means the end of the financial year in 2020. And its time to be prepared to line up the business and personal finances. Many hurdles strike in the finance managing pathway when it is the end of EOFY. Thankfully, you have these tax tips in your hand that help prepares for your tax times and deductions faster. Here, you have these handy tips that you should follow to prepare for the EOFY.

GET YOUR PAPER WORK DONE The first tip to make a stress-free tax EOFY is getting your paperwork done before the time. And for this, you need to have the tax accountants record essentials on your fingertips including; • GST returns and BAS record • Selling and purchasing receipts ready on your desk • Other records like BAS statement, tax returns, and super contributions for the employee.

MANAGE DEBTS DEDUCTIONS This is perhaps the most vital aspect of tax accountant planning as it will help you to remind the exact business expenses and deduction. For instance, many business entities use the instant assets of the Federal Government to write off concessions.

This is the high time to purchase some new business assets that you may require in the coming financial year. The reason behind this early purchase is the tax shall not be deducted if the payment has been made in this early year.

MANAGE ONLINE BANKING RECORDS The best way to smoothen up the EOFY process is to make the tax accounting record. However, the perfect way to manage the tax accounting record is to fill the online tax return statement.

During EOFY, we need to make the bank statement prints and fill the tax returns and current balance statements of the business loans and investments that we made.

However, this year you need to make all the statements manually or online and make things less complicated.

MAINTAIN THE VEHICLE LOGBOOK For small business individuals, it’s essential to maintain the vehicle logbook with a minimum record of three months. The record will contain some essentials odometer for June 30th, 2020, including all the invoices and all business expenses receipt for your vehicles.

But to keep it accurate and simple, you can also opt for the online tax return apps and other tools to organise everything.

THANKS FOR WATCHING Accounts NextGen – Tax Accountants Melbourne Level 19, 180 Lonsdale Street, Melbourne, VIC 3000, Australia

(03) 9015 8540 info@accountsnextgen.com.au https://www.accountsnextgen.com.au