As a Small Business Owner, What Information Do I Need for My Tax Agent?

The end of the financial year is a busy time for most owners of a small business. When it comes to collating and preparing the information to take to your registered tax agent, the more organised you are the smoother the process will be. Having accurate and consistent procedures in place throughout the financial year will help to give you peace of mind the process will be straight forward when it comes time to prepare your tax return.

Read below to learn more about being a small business owner and the information you need to provide your tax agent for them to prepare your tax return including:

  • What documents do I need to supply to my tax agent?
  • What date does my small business’s tax return have to be lodged by?
  • Who can help me prepare my records for my tax agent?

What documents do I need to supply to my tax agent?

As a small business owner there are various records, reports and information required by your tax agent before they can prepare your tax return. The list below may not be applicable to all small business owners depending on the industry and nature of your work. As a general guide you will require:

  • Your Personal details
  • A copy of your tax return from the previous financial year
  • Profit and Loss Statement
  • Balance Sheet of assets and liabilities
  • Cash Flow Records
  • Any tax forms your business needs to have completed
  • Information on any assets you’ve bought, sold, or depreciated during the last financial year
  • Loan Information including any new loans, repayments made on existing loans and interest
  • Income and Expense records
  • Information on any deductions you are wanting to claim in your tax return
  • Payroll Information
  • Stocktake Figures as at the end of the financial year

What date does my small business’s tax return have to be lodged by?

The official deadline for tax returns to be lodged with the ATO is the 31st of October each year. However, most registered tax agents have a special lodgement program and can lodge returns for their clients after the 31 October deadline. The due date will also depend on your personal situation and it is best to speak to your tax agent for expert advice. However, if you are using a tax agent for the first time, or using a different tax agent, you need to contact them before 31 October to take advantage of their lodgement program due dates.

If you haven’t lodged a previous year’s tax return, it’s important to get up to date as soon as possible to avoid penalty. Your tax agent can prepare and lodge prior year tax returns for you, so contact them for advice.

Who can help me prepare my records for my tax agent?

A qualified bookkeeper can help prepare your business’s financials. Finding the right bookkeeper for your small business can bring peace of mind your financials are in safe hands. A qualified bookkeeper can prepare and provide your accountant with a data file and end of year reconciliations for tax return preparation.

FREED UP Accounting & Bookkeeping Solutions in Western Australia are your registered and certified bookkeeping experts and can assist with end of financial year reconciliations.

At FREED UP Accounting & Bookkeeping Solutions, our main principal, Naomi is a registered BAS Agent (#25959844) with the ATO. She is also a qualified Accountant with a Bachelor of Financial Admin (Accounting) and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network.

Our team are ready to get to work and can assist in the ongoing bookkeeping needs of your business plus end of financial year reconciliation.

Call our team today on 0438 977 767.

Sources:  https://www.ato.gov.au/general/other-languages/in-detail/information-in-other-languages/lodging-a-tax-return-for-your-business/

Disclaimer: The information in this article is general information only.