Are you ready to lodge your tax returns?

Prepare for the EOFY

Some of the yearly tasks you need to do as a small business owner may include:

* A summary of your income and expenses in a profit and loss statement

*Conducting a stocktake – learn about stocktakes and assets- external site on the Australian Taxation Office (ATO) website

* Summaries of your record of debtors and creditors

* Collating records of asset purchases or expenditure on improvements (to calculate depreciation expense claims and for capital gains tax)

* Completing and lodging your income tax returns

* Lodging yearly reports or returns for different tax types such as:
- Pay As You Go (PAYG) withholding, including finalising income statements for Single Touch Payroll
- Fringe Benefits Tax (FBT)
- Goods and Services Tax (GST).

* Meeting superannuation requirements
making digital copies of any paper records and backing them up.