4 Tips To Help Nail Your Record Keeping
Good record keeping helps you manage your business and cash flow, and ensures you get the right outcome with your tax return.
Check you’re setting yourself up for success with these top 4 tips:
- Always keep detailed records of payments to contractors providing taxable payment reporting system (TPRS) services so it’s easier to prepare and lodge your Taxable payments annual report (TPAR), by 28 August.
- Make sure your vehicle logbook records are no more than 5 years old. If your logbook will be older than this when you plan to lodge your return, you need to start a new logbook.
- Check if government grants or payments made to your business are taxable and need to be reported as part of your business income when you lodge your return. This includes payments from the National Disability Insurance Scheme (NDIS) or Childcare Subsidy payments.
- Record the amounts withheld from any payments made to your business and keep written evidence from the payer, including their details and ABN. Payments may be withheld because:
- you couldn’t quote an ABN
- you’ve done subcontracting work through a labour hire firm.
- you have a voluntary agreement with your payer to withhold tax amounts.
Remember, registered tax agents can help advise you on your record keeping requirements.
Source: ATO
Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:
– an experienced team of Accountants providing Tax & Business Advisory services
– Bookkeepers to help you with BAS, IAS & Payroll
– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies
– Mortgage Broking services for Home Loans, Investment Loans, Business and even Vehicle Finance
While you’re here why not check out our site and see what we might be able to help you with…………
