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How to streamline your business’ tax reporting

How to streamline your business’ tax reporting

Check out these ideas to make tax preparation for your small business easier.

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 avoid any end-of-financial-year headaches and save you time.

Here are six 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 sync your bank accounts with your accounting software. This can make your tax reporting easier all year round as you’ll no longer need to manually reconcile your bank account data.

Take advantage of online banking

Make the most of online banking tools available to you to keep track of your tax-related expenses. For example, CommBank customers can flag tax-related transactions with My Spend for easy reference come tax time.

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. 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 ATO website or speak to an accountant.

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 of Australia 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 agent or 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. This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.