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Small business tax: get ready for the End Of Financial Year (EOFY)!

Friday, June 03, 2016 - by Max Business

For a small business, tax time can be an incredibly – pardon the pun – taxing time of the year.

As we say goodbye to autumn and welcome winter, most can’t help but notice the looming end of the financial year. It can send pangs of panic and stress.

(We, on the other hand, love it, and wish it were tax time every day of the year!)

As you prepare business receipts and more, we want to offer some straightforward yet super useful information for your small or medium-sized business, and how efficient bookkeeping can simplify the burden of tax time. Read on to learn more!

Small business tax

Ease the stress of receipts and invoices

Ever feel like no matter how hard you try, business receipts still manage to end up in the car, stuffed in the bottom of your handbag, or destroyed through a washing machine cycle?

Paper receipts have become a thing of the past, with bookkeepers using a range of professional software services to store and manage business receipts and invoices. Max Business partners with some of the best accounting software in Australia – find a full list here.

Cleaner accounts means better financial transparency, clearer budgeting, and ensures your business fulfils local and national laws.


Lodging your BAS

You should receive your Business Activity Statement from the Australian Tax Office (ATO), and you’ll be required to fill in a number of financial aspects. This is issued by the ATO on either a monthly or quarterly basis, so it’s not just around tax time that these lodgements are super important.

Your BAS statement is a declaration to the tax office so it is crucial that it is filled out accurately. It is, however, for many small business owners, the bane of one’s existence.

Luckily for you, registered BAS agents have grown in popularity, which means you can choose a bookkeeper with extensive experience and knowledge to complete a BAS statement on your behalf. This also reduces strain on your own accountant.

Maximum Business Solutions is a registered BAS agent that can produce and lodge your BAS statement – on time, every time. Phew!


Tax preparation and lodging your tax return

Tax preparation can be eased if you use a bookkeeping service like Max Business throughout the entire year to help manage, balance, and keep a record of all your business’s finances.

The way we bookkeepers feel about the end of financial year is the way regular folk feel about the end of the actual year – think of tax time as our version of a New Year’s Eve party!

We’re super busy and loving all the hard work we’re putting in in order to lodge all those important tax returns and keep busy small and medium-sized businesses tax-compliant.

Words that mightn’t mean too much to you – like “actual periodic deduction”, “fringe benefits” and “capital gains” – are music to our ears. So whether it’s complex end-to-end accounts management or simpler bookkeeping basics, we work hard to ensure your business is prepared for tax time.

The preparation needed by a bookkeeper becomes invaluable for your accountant – so he or she is able to fulfil your tax obligations and lodge your tax return correctly and on-time.


Is your business ATO-compliant?

Just as we prepare your business for the end of financial year, we also work to ensure that your business and its finances remain ATO-compliant.

Responsive action on our behalf means you’re up-to-date on the state of your business’s finances throughout the entire year. This makes budgeting and spending more transparent, too.


The relationship between your accountant and bookkeeper

The relationship between an external bookkeeper like Maximum Business Solutions and an internal accountant – say, your own accountant – is super important. If you have your own accountant, we work closely with them throughout the year; not just around tax time.

Engaging professional bookkeeping services like Maximum Business Solutions ensures expenses are accurately recoded and added to your business’s financial records – without having to do the heavy lifting yourself.

Tax preparation for your accountant through our cloud-based technology is just one of the ways we work closely with your accountant to ensure the financial success of your business.


Accurate bookkeeping is a year-round task

The truth is that seamless business bookkeeping extends much further beyond the end of financial year. In fact, it is a year-round task. But it’s a task that doesn’t necessarily need to be added to your to-do list!


Bookkeeping services from Melbourne’s Max Business: reach for financial success in FY2017!

Does the thought alone of tax time send shivers down your spine? Are you overwhelmed by business obligations and does the end of financial year stress you out? Time to seek some support!

Maximum Business Solutions offers end-to-end bookkeeping services to Melbourne business owners. How do we do it so well? We work closely with entrepreneurs and business owners through the entire year; not just around tax time.

The end of financial year is just days away, so there’s no time to waste! Contact Maximum Business Solutions today for essential bookkeeping services for small and medium-sized businesses in Melbourne.