Many businesses fail to plan their tax position for the end-of-financial-year, so they may miss out on optimising their tax position.
By keeping accurate and up-to-date accounting records, you know the financial position of your business. Thus you can take advantage of the various actions and choices to put you in the best possible position regarding tax payments or tax liability.
This is why choosing the right accountant and bookkeeping system is so important, and the old ’shoebox’ system is no longer viable.
The Taxman Cometh!
As the ATO widens the scope of its audit activity, the chances of a taxation audit get stronger every year, and are highest among those whose tax returns reveal that:
- declared income is below the average for their industry or occupation,
- there’s unusual or apparently large claims, particularly relating to work or rental property expenditure
- deductions that are above their industry or occupation average
If your bookkeeping is not in order, then contact us today and we’ll organise a bookkeeper to help you out.
Disclaimer: We are not registered tax agents and the information given here is only a guide. Contact your registered tax agent or accountant for any matters relating to taxation
1st Quarter: 28/10/08
Ever thought about Starting Your Own Bookkeeping Business? 
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment