Talking Cents

Preparing for Tax Time with Small Business Accountants in Sydney

An accounting firm who specialises in supporting small business can offer several services to businesses, partnerships, and sole traders. Small businesses have been able to use these services to successfully manage the ins and outs of all things tax to benefit their processes and organisation.

It is common knowledge that Australia's tax laws are complex and constantly changing. To tackle this, trained small business accounting firms in Sydney are up-to-date on the latest developments to ensure business can accommodate the rapidly moving industry. They use this industry insight to keep their client ahead of the game by implementing any structural changes needed for both tax minimisation and asset protection.

Even though each tax preparation process will differ based on the business itself, the following tips provide some general guidance from small business accountants in Sydney.

Gather your Records

Keeping your finances organised will make tax time less stressful and will allow you to maximise your deductions with accuracy. Accurate records and receipts are essential to help you get the most from your expenses. To save time, make sure that all your documents are in one place before you consult with your accountant. Among these documents should be a copy of last year’s return, relevant bank statements, invoices to corroborate incoming funds, records of expenses, and records of wages. Documentation makes it easier for your small business accountant to prepare and lodge your tax return. Preparation is key!

Record your Deductions

Your work-related expenses may include everything from uniforms to mobile phone bills to industry specific fees. Try to think of any items you have purchased which relate to your job, or items that help you be more productive in business. Deductions can include tools, software, subscriptions for online systems and more. If the expense is directly related to your job, you may be eligible to claim it at tax time.

Seek Professional Lodgement Help

When filing personal or business taxes, you must use the ATO's electronic filing system for accurate lodgement. When you hire an experienced, local accountant, you can be certain that all your small business tax findings will be prepared correctly and submitted on time.

Professional lodgement services are available to individuals, partnerships, and companies for a range of purposes and will take the pressure off you as a small business owner. It is highly recommended for small business owners to seek the assistance of a professional accountant with experience in small business accounting. They will have a deep understanding of your scale of business and will be familiar with the processes you require.

If you need help with your accounting, you might want to consider hiring a small business accounting firm in Sydney. M.A.S Partners is a small business accounting firm that specializes in helping small businesses. It is imperative for the success and growth of your company that your accounting team supports these tasks. Visit our website to learn more about our range of accounting services: https://www.masaccountants.com.au/services