If you are not filing your tax return now, maybe you want to plan for it by choosing professional service of bookkeeping Sydney and get your records in order to be sure you are prepared and organised. Bookkeeping service is keeping records and documentation which in turn is the key to smoothly filing any type of tax return.
For information that can help with this year tax return it’s a key factor to have your last year’s one handy for the reference. Last year’s losses brought forward to the current year in addition to fixed assets balances may increase your current year tax refund or decrease tax payable. If you are looking for a free consultation from a professional Bookkeeper in Sydney CBD you can get it from City Tax Accountants (by booking/changing your appointment online in a real time at : Bookkeeping Services Sydney)
Records :
Income Records
- Business Income
- Statements showing any additional income earned from bank interest, property investment, share dividends, debentures, buying and selling shares, foreign income, trusts or managed investments
Expense Records
- Expense statements/receipts showing expenses for investment property(s), depreciation report/s, interest and fees on investment loans
- Annual statements from any Investment, Trust or Managed Funds showing interest and fees
- Receipts for tools, equipment and clothes, which you have bought for the purpose of work
Self-employed
- Superannuation contributions
Managing your bookkeeping Sydney CBD:
You have gathered your records and feel confident that you have everything to start. Now you can file for processing and there are several options available for you to do that.
- File online. Usually this is the fastest, easiest way to file, if you have a simple bookkeeping process. Many online sites have easy to follow instructions and most have online help available to answer any questions.
- Paper forms. These are becoming almost obsolete, but if you feel more comfortable with this by all means continue.
- Bookkeeping specialists. Many companies offer fast and simple procedure.
- Bookkeeping Services Help. Trained and approved by the Australian Tax Office there are offices in most cities, states and territories.
Tip: If you use a bookkeeping services specialist, be sure they have been trained and are knowledgeable regarding the type of work. If you have a difficult bookkeeping procedure, then go to a certified, chartered or licensed specialist. Don’t pay for work more than what you really require.
After the Lodging
After you have filed your bookkeeping Sydney CBD be sure and put your bookkeeping papers together along with all of the documentation that you used. We suggest a folder or large envelope that can be sealed and the dates and forms included printed on the outside. You are required to retain your information for five years. If possible, store these in a location that is safe, fireproof and easily accessible. Online storage is highly recommended, such as GoogleDrive, OneDrive.
In case of an audit you can easily produce the records required to verify all of the information for the years that are in question. The more organized you are the faster the audit can be done.
Preparing for Next Year
Review your bookkeeping services Sydney CBD and see where you could possibly affect the outcome. Do you have deductions? Can you increase your withholding? Look for areas that you can increase or reduce. Look at hiring a specialist bookkeeper in Sydney; he sure can help you.
Finally, keep every receipt you think might be deductible. You can store them if it proves they are not of use, but it could be difficult in some cases to replace them. Good record keeping is a key factor for bookkeeping services process and for lodging your individual tax return Sydney CBD.