A lot of valuable time and energy gets poured into getting your paperwork in order and making sure that you’re minimising your tax bill as much as possible.
The good news is that there is still time and with this checklist you can feel confident that you are on top of your tax:
Get on top of your records
If you’ve fallen behind on your record keeping responsibilities, we advise you to get as much as you can together and get it to your accountant ASAP.
Write off bad debts
Unfortunately, there will be times that a client does not pay you for work that has been completed. Bad Debts are an extremely frustrating reality for many business owners.
A small consolation can be found in the fact that bad debts are tax deductible. In the event that you have a bad debt, it should be formally written off in your financial records. You will then be able to claim it as a deduction against your taxable income. It may also be necessary for you to provide the ATO with proof that you have taken reasonable steps to recover the amount.
Get the ball rolling on stocktake
Retailers and wholesalers are required to undertake a stocktake at the end of each financial year.
However, if your annual turnover is less than $2 million and the difference in value between your opening and closing stock can reasonably be estimated to be less than $5000 then you are exempt from this requirement.
