End of financial year tips
As the end of the financial year approaches, it’s important to start preparing for your 2021 tax return. While lodging your tax return can be a stressful time for many, it doesn’t have to be as complicated as you think.
Here are some tips to ensure that the process is as quick and easy as possible.
Tax return deadlines
The first step to completing a successful tax return is knowing the deadlines. Individual tax returns for the 2020-2021 financial year are due on or before the 31 of October 2021, and business tax returns have the same deadline unless you are represented by a tax agent.
The documents you need for your tax return will depend on whether you run your own business or what work you do and what income you’ve received.
If you’re running your own business, you’ll need to have your business books up to date.
If you’re an employee, you’ll need your payment summary or summaries (found on your MyGov account), as well as details of any:
payments you’ve received from Centrelink,
interest earned from your bank accounts,
eligible termination payments, dividends or any other other income you have earned.
If you’re not sure of all your tax-deductible expenses, think about any times you have spent necessary money on your business or job. This includes receipts for purchases that directly relate to your business or job, home office expenses and any travel costs you paid for work trips.
How we can help
At Scorpion Bookkeeping, we can help you to ensure that your business bookkeeping is accurate and up to date. We service a diverse range of clients in South Australia, Victoria and New South Wales.
We can also help you implement Xero bookkeeping software to make managing your business finances quick and easy. We are a Xero-certified partner.
Contact us today for a free, no-obligation consultation to find out how we can help!