When it comes to doing your tax return for 2017/2018 there are many ways to expedite the process and save yourself a lot of back and forth emails. We’ve spoken briefly on how to get the most out of your accountant via our blog here, but what about tax time?
Tax time is a busy period for accountants, so maximising on efficiency and organisation is a must. The more organised you are with your tax paperwork, receipts and reports the better! It will help save you time and money, not to mention complete the whole process a lot faster.
How we can help you get organised for tax time 2018!
To help ensure you have everything in place for tax time, Aspect Accountants and Advisors can provide a yearly tax checklist in the form of a PDF.
Within this form, the client is guided to complete each section and gather the required income/financial information to complete their tax return. Sections include, data access such as MYOB or Xero for the year, credit card statements and assets sold.
There are threedifferent tax checklists available for our clients. These are for personal, business and Superfunds (SMSF).
Further tips for your tax declarations in 2018
When you are collating your tax information please keep in mind the following:
– The Australian Taxation Office can check your return income against independent sources. This applies to PAYG Payment Summary income, interest received, dividends and sales of shares and property.
– Keep in mind that self-assessment applies. In the event of a Tax Office audit you will need to be able to substantiate the business income, expenses, assets, liabilities and equity declared.
– If you have sold any assets during the year please provide full details so we can determine whether Capital Gains Tax may apply to the transaction.
If you are a current client of Aspect Accountants and Advisors or you are looking for a personal, business or SMSF accountant in West Perth, please contact us for more information on our tax checklists.
Ph: 08 9227 9400