With the end of the financial year just behind us, it’s now time to share some handy tips about lodging your tax return.
We offer bookkeeping services throughout Melbourne and have come up with some tips to help you and your business in this busy time of year.
Max Business Solutions is an elite bookkeeping services provider with a team of qualified professionals, eager to assist you is this busy period. The years of training and experience shared among our bookkeepers makes us the perfect team to partner with small businesses.
We partner with leading accounting software provider MYOB, and their operating systems we use are the best of the trade.
Boasting numerous awards, including a “2014 Australian Mobile and App” Award, MYOB provides productive, competitive and affordable software designed to make a meaningful difference in bookkeeping practices.
Read on to receive some tidbits of information that may come in handy when preparing to submit your tax return to the Australian Taxation Office (ATO).
1. Lodge on time
Just like every other area of running a small business, when organising your tax information being organised is the greatest key to making sure everything is in order.
Know what the deadlines are so you are as prepared as possible. All small businesses must lodge their own returns before 31 October. If you are struggling to meet the deadline, apply for an extension early. To find out more about extensions, click here.
2. Don’t leave out any income
When filling out your tax return it is important to be sure not to leave out any assets, finances or cash, otherwise serious penalties may apply to you. Being thorough and accurate when declaring your assessable income is key.
To see what the ATO requires you to declare click here.
3. Claim your entitlements
To ensure you receive the maximum possible refund when lodging your tax returns, it’s important to apply for the correct deductions.
Any items bought before June 30 that are work-related can be claimed as a deduction. It pays to gather together a list of your expenses now to receive the most from your tax returns. So don’t put it off any longer and round up an organised account of your finances.
To see the ATO list of what is eligible for deductions click here. Some things that are eligible for deductions include union fees, professional subscriptions, internet usage, mobile phone fees and computer repairs.
4. Reorganise your superannuation
The end of financial year is a great time to check in with your superannuation provider and ensure you’re being provided with the best value for money.
It’s worth a call to your provider to see if there have been any significant changes made within the last year and, if needed, a sharp search of superannuation competitors.
There have been considerable changes to superannuation law within the last 12 months and it’s handy to be aware of what they are.
From the 1st of July 2017, the maximum concessional contribution cap decreased from $30,000 (for those under 50) or $35,000 (for those over 50) to a universal $25,000 cap.
Likewise, the non-concessional (post-tax) contributions cap is set to decrease from $180,000 to $100,000 per annum. Thus, this is the last year to make the most of these higher caps, and why it’s important to be aware of these changes to avoid exceeding the caps in future financial years.
5. Hire Maximum Business Solutions today
Our elite team of bookkeepers are here to take the dirty work out of your hands.
With all the experience and training needed, we handle your financial information and tax obligations with the utmost care and dedication.
Our expert knowledge and experience in keeping financial records and accounts will ensure your returns are submitted accurately and in a timely manner. No time for tax stress? Call the experts. Alternatively, book a consultation!