As the countdown to June 30 (tax time) begins, businesses must prepare themselves and get their finances in order for the new financial year. Officeworks have provided the follow tips to help businesses blitz their tax returns.
1. Get organised
Tax time is one of the busiest and most important times of the year. Start sorting out your finances now to avoid the headache and stress that comes with a last minute rush to get your tax return in on time.
2. Know your entitlements
To minimise your tax bill and maximise your return, the best thing you can do is to research what deductions and rebates you are legally entitled to. For more information on completing and submitting your tax return, head to the Australian Taxation Office website at www.ato.gov.au
3. Plan ahead
Wherever possible, businesses should bring forward up-coming expenses so they can be claimed as deductions in this financial year. If your business needs new technology, office supplies or furniture, think about making the purchase before June 30 to reap the tax rewards.
4. Give yourself permission to spend
Every dollar you save is another dollar to re-invest in your business, or maybe even pay for that long awaited holiday. If you’ve been umming and ahhing over whether to purchase that big ticket item, buying it before the end of the financial year will bring you tax benefits.
5. Don’t forget about the little things
If you’re sorted for printers, desks and the like, remember that short-term consumables such as office supplies, stationery, tea bags and the teddy bear biscuits are all tax deductable too!
For more tax time product ideas and tips, visit www.officeworks.com.au