Talking Cents

5 Things You Require for Your Company's Tax Returns

Taxing is one of the most crucial steps for any small or large business model. Taxation must be done within deadlines, adhering to tax rules and the latest developments while also disclosing all relevant business details and keeping all transactions transparent. This also involves a considerable tax return and the know-how of how it is.

This is a job for a qualified accountant who is updated with the changing government policies and technologically efficient to speed up the entire process. There should be a checklist for all small businesses to ensure you are on top of your taxation formalities. Here is a list of 5 things you need to maintain for your company’s tax return to go smoothly.

Bank Statements

As obvious as this is, you must update all your bank statements. The cloud accounting facility makes this task easier. It directly feeds your bank activity to your accounting software. This can offload a lot of taxation-related work and leave some room to make time for other tasks like being updated on tax return rules, keeping your accounts organised, increasing your growth rate for the upcoming quarter, etc.

Details of Other Businesses

Earlier it was optional to disclose all other business involvements you had. But the rules have changed. Australia now levies a 25% tax on small businesses and 30% on others. Moreover, they combine your net turnover to charge taxes instead of individual taxation.

Transaction Details

Having your transactions listed is better than having your transaction details. It would be best if you kept relevant information corresponding to each expense handy. This makes sure you claim all tax deductions within the rules. A more straightforward way of doing this is by attaching receipts to each transaction. This will help your accountant to keep track of your spending in a simplified manner.

Make sure your Tax Accountant is Registered.

Most businesses choose to hire an accountant for their financial management. Therefore it becomes very critical to ensure that your accountant is registered with the Tax Practitioner’s Board (TPB).

An updated Accounting File

Your accounting file is a window to your company’s income and performance. Therefore, maintaining spreadsheets of all expenses and accounts will not be enough. You must have a reconciled accounting concerning the banking statements, the profit and loss statement, the supply invoice, and customer transactions. This ensures transparency and the company’s profitability. This is a must-add to your tax return checklist.

Consider M.A.S Partners for Small Business Accounting

Tax returns have many updates based on changing government regulations. So even though it may seem simpler initially, it can quickly become overwhelming. Therefore you must consider a professional accountant to fulfil all your taxation duties and financial requirements. Contact us to get the best service regarding small business accounting in Sydney. Click here for more information.