Home topics finance tax Finance Small Business Tax Finance Five strategies for reducing the confusion and stress associated with tax-time in your SMB Mark Hearl June 20, 2017 It’s nearing that time of year that all business owners dread, as the June 30 th deadline approaches, SMEs are forced to get their last year of financials in order and prepare for tax time. As we close in on the end of the financial year, here are some top tips and expert advice for Australian small business owners, to help alleviate the stress and confusion associated with the end of the financial year and tax time. Get organised and keep detailed records Not only does being organised help you manage your day to day business, it also makes tax time go a whole lot smoother. If you have an organised system, you use in your business daily to track and file records, documents, expenses and income, it will make tax time so much easier. Additionally, tax law requires records to be kept for five years and there are penalties that can be imposed on businesses that are unable to supply accurate records for this timeframe. Records include documents such as sales receipts, expense invoices, credit card statements, bank statements, employee records, vehicle records, lists of all debtors and creditors and asset purchases. There is no right or wrong way to file records. You can choose to keep records in either hard or soft copy but the key is to file them,