If getting your business ready for tax time leaves you sorting through a mountain of paperwork, it may be time to make some changes. Simplifying your tax reporting processes can help you manage your end of financial year (EOFY) requirements and save you time. Here are some ideas to help make EOFY preparation a little easier.

Go paperless

Start storing your documents online to save time going through paperwork next year. Some ways of doing this include:

  • Scanning your cash receipts with your phone
  • Filing your paperwork in folders using logical categories – you can use date or document type
  • Backing up your electronic records to a cloud service – this will also allow you to share access with any business partners or your accountant

Automate your bookkeeping

Find out if you can synchronise your bank accounts with your accounting software. This can make your tax reporting easier all year round as you may no longer need to manually reconcile your bank account data.

Open a separate business account

Having one account for everything can be confusing and time consuming when doing your taxes. Kick off the new financial year with simpler bookkeeping by separating your business and personal finances. If you already do so, consider opening multiple business transaction accounts for the same reason. You may find it easier to report for your next business activity statement (BAS) and spot any tax deductions you may have missed earlier.

Set reminders for key deadlines

If you haven’t already, put reminders for key tax due dates in your phone and email calendars.

Look for professional help

If you have any questions about your tax reporting, you can find more information on the Australian Taxation Office (ATO) website, or speak to an accountant.

Keep good records

You should also ensure that you retain your records for the amount of time required by tax law, for example, you are required to retain records of the acquisition of a capital gains tax assets which you may not sell for many years later.

Useful information on what records are required by law is available at the ATO website.

Want more tax-time tips for business owners?

Things you should know

  • Tax law is complex and subject to change. For the latest information, check the ATO website or with your accountant or financial advisor.

    This page is intended to provide general information only and does not take into account your individual objectives, financial situation or needs. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.

    Commonwealth Bank is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.