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Getting ready for tax time

To help you prepare the tax return for your business, we’ve compiled a few hints on how you can get everything in order.

  1. Close the books – reconciling your accounts is crucial for reporting your tax position to the ATO. Be sure to review your balance sheet, profit and loss statement, bank reconciliation report and PAYG payment summaries to understand your business performance.
  2. Know your lodgement dates – to avoid late penalties, ensure that your tax return is lodged by 31 October 2015. If you're using the services of an accountant, they'll advise you of the date.
  3. Plan for the year ahead – assessing the financial performance of your business can be confronting, especially if your overall financial position isn’t as healthy as you'd like. To ensure you're well prepared for the new financial year, talk to your accountant or adviser.