Talking Cents

Small business accountant in Melbourne: dealing with tax times

Every year, there is this time when small business owners start pulling their own hair out of stress. This period of time is called “tax time”. How can we better deal with this “traumatic” term? Read on for practical tips.

Can’t deal with the submission date because you left things to the last minute? Apply for an extension. Instead of getting an extension, some owners go to accountants and expecting them to do it instantly. Chances are the accountants are busy and are already handling countless amount of work. So regardless of what, the way to go is to apply for extension.

Too much for you to handle alone? It is definitely the time to seek for professional help. To smoothen the process, tell your accountant what is the connection between personal tax and business tax. They should know the applicable laws and regulations accordingly and provide accurate tax reports for your small business.

Lastly, don’t forget that feeling, that last minute “fire-is-burning” feeling. Learn from your mistakeand be early next year! It is important to stay organised throughout the year. Remember the quote by Benjamin Franklin, “you may delay, but time will not.”

For more useful tips and advice on how to grow your small business, contact us here at mas accountants, the original accountants for small business, servicing Sydney and Melbourne for over fifty years.