Small Business Tax in Order
A smooth EOFY starts with smart planning. With the 2023/24 financial year wrapped up, now is the time to submit your tax return and ensure you have set aside enough cash to cover your tax bill.
This quick guide outlines the EOFY taxes your business needs to pay and practical tips to make the process easier.
Know Your Business Tax Responsibilities
Your tax obligations depend on your business structure:
Sole traders - Lodge an individual tax return covering both business and personal income.
Companies - Lodge a company tax return and pay tax on company income. Directors must also file personal tax returns.
Partnerships - The partnership must lodge a tax return, but partners report their share of income in their personal tax returns.
Trusts - Must lodge a trust tax return under its own TFN.
Make EOFY Tax Easier Next Year
Stay on top of your tax obligations with these five simple strategies:
1. Keep good records - Use automated bookkeeping tools.
2. Digitize your documents - A document management system makes invoices and receipts easy to find.
3. Use cloud accounting - Platforms like Xero and MYOB simplify tax reporting.
4. Plan for tax payments - Set aside funds regularly to avoid cash flow issues.
5. Work with an accountant - Streamline processes and maximise efficiency.
Let Us Simplify Your Tax Processes
If your EOFY tax was stressful, now is the time to get organized for next year.
We will help you implement efficient accounting systems, improve record-keeping, and ensure easy access to all your financial documents.
Talk to us today about making tax time stress-free.
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