Get Ready for Tax Deadlines with Focus Bookkeeping

The End of Financial Year (EOFY) is right around the corner. It is a critical time for small businesses, completing bookkeeping, tax returns and planning for the new financial year. Putting the hard work in each fiscal year can help organise your business and get you set up to work smarter in the year ahead.

Have you settled all your essential obligations before EOFY?

With the tax season deadlines fast approaching for the end of June, it is the time to get organised! Look at engaging a bookkeeper to help your business through a particularly difficult tax year. Good record keeping, substantiation, correct account codes, properly accounting for private use and declaring all cash transactions are essential to assure yourself, your tax agent and the ATO that your tax affairs are in order.

Small businesses must ensure their bookkeeping and lodgements are correct and up to date. The onus is on business owners to correctly report their income, claim their expenses and have the appropriate records.

The ATO is getting smarter with its data, and business owners are increasingly being contacted regarding their income and expense claims. Reports and data records need to be in order.

The ATO will look for discrepancies in returns when compared against previous data or business benchmarks. They also have increased resources allocated to deal with the cash economy.

Check out these keys’ points prior to lodging your Tax Return 2020-21. Not all income and deductions are taxable.

Income

  • JobKeeper
  • Cash Flow Boost
  • COVID-19 and Disaster Payments
  • Personal Service Income Rules
  • Crowdfunding

Deductions

  • Depreciation Deductions
  • Instant Asset Write-Off
  • Temporary Full Expensing
  • Employee Bonuses
  • Trading Stock
  • Write Off Bad Debts

 

Leave the Details to a Registered Bookkeeper/BAS Agent

Hiring a bookkeeper for your business can be a great decision for your business interests. Having professional bookkeeping services can help you with your financials and record keeping so you can focus on what really matters: running your business and doing what you can to get through this strenuous Covid year.

Another benefit of engaging a Registered Bookkeeper and BAS Agent is that you can work together to create a better cash flow and budget for the future. We believe this has become increasingly important in these times as our economy suffers the lingering effects of the global pandemic.

Here at Focus Bookkeeping, we can highlight areas where spending might be reduced, by providing you with well-kept records, and a budget that is easier to adhere to and uphold. As well as this, engaging our services mean you are in the best position to avoid any late fees or penalties from the ATO through improper or late reporting of your tax or superannuation payments for the financial year. We ensure our clients make smarter financial decisions because we identify where your money is flowing and allow you to save in areas that may have been previously overlooked. The bonus with us at Focus Bookkeeping is that we’re a BAS Agent as well as a Bookkeeping Service!

By engaging our services, you can trust that you have a true expert handling the parts of your business that you may not be as confident in. Bookkeeping and finance management are especially important in the current economy, that has seen much upheaval and downturn of late. We will help you get organised and create systems that keep you on track for the future and reduce your concerns about meeting the looming tax deadlines.

Did You Know?

Focus Bookkeeping can help your business with ongoing services like bookkeeping, superannuation, and Business Activity Statements including BAS preparation, BAS review, and BAS lodgement.

Read more about Fabiana and Focus Bookkeeping [https://focusbookkeeping.net.au/about-us/].

Contact Fabiana for an obligation-free chat [https://focusbookkeeping.net.au/contact-us/]