Are you ready for tax time?

(ATO)
7 June 2021

As we approach the start of a new financial year, itā€™s a good time to reflect on your record-keeping over the past year. For example:

  • did you keep all the records you needed ā€“ for your income and to substantiate the expenses you were entitled to claim?
  • did you provide your tax or BAS agent with copies of everything they needed, and have you discussed your record keeping requirements with them?
  • what will you continue to do that’s working well?
  • what would you like to do differently?

You can claim the cost of record-keeping software as a deduction, so if itā€™s something you’d like to implement, consider setting it up soon for the coming financial year.

Check if there are any concessions you can access before 30Ā June. For example, you may be eligible for the small business restructure rollover concession and save on capital gains tax.

You can also find out more about the latest changes to concessions, such as different tax depreciation incentives (temporary full expensing, instant asset write-off, backing business investment and general depreciation rules), loss carry back and lower company tax rate changes.

Employers: don’t forget the Single Touch Payroll (STP) finalisation declaration for 2020-21 is due 14Ā July 2021. If you have any closely held payees, you have a later due date for those payees only.

Remember, registered tax and BAS agents can help you with your tax.

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