Preparing for tax time 2016 – Never too early or too late!
As June begins for another year you no doubt fall into one of two groups, those who have already started thinking about tax time and accountants or those who know that they really should start thinking about tax time. In the busy lives we lead, working or running a business or both, it is very easy to let the matter of tax time fall to the wayside and be largely ignored until July 1 or much later! But, you can benefit from setting yourself a new financial year resolution of sorts and doing the following before you come to see your accountant this year.
First of all, being organised is about as important as it gets when it comes to tax time since it makes the process run more smoothly. When it comes to end of financial year, investing a few minutes a week to keeping your books in order instead of hours or days before lodging is the only way to go. Shopping bags full of receipts should be avoided at all costs!
Take advantage of end of financial year sales –
We all know they are coming, the big end of financial sales on everything from stationery to equipment, furniture and more. For many retailers it is a great way to more inventory before EOFY and for the organised business you can pick up some great deals and make some great savings because you aren’t spending all your time finding receipts.
Know your cut off dates –
This is something your accountant or the ATO website can help you with. Missing due dates or cutoff dates can be expensive due to penalties and interest charges and most government departments don’t appreciate you stretching that due date here or there. If you don’t know the cut off date for submitting your tax return, or other cut off dates that may affect you, be sure to check out the ATO website or contact your accountant today.
By following the points above, knowing your cut offs, being organised and taking advantage of the financial year sales you can turn tax time into a far less stressful time of year and get a jump on your competition by launching right into the 14/15 financial year whilst everyone else is looking for that receipt!
As accountants based in Stafford – we might even say tax time could be fun!