Fireworks have burnt out and the festive season has faded away. We’ve all returned to work and the daily routine, with our resolutions ringing in our heads. Did you vow to have a better and easier 2016 like most people across the globe? Did you know you are already behind on getting organised for tax time? Don’t despair, now is the perfect time to look at some of your tax records for June.
Do you keep records? Does your accountant help you with filing and bookkeeping? Do you have a spreadsheet system that you use? Are you having bank feeds set up? All of these approaches are great but the key is to find what method will work for you.
The best place to start is contacting your accountant. They know what needs to be included, what is not applicable and how long these records need to be kept.
Your accountant may also provide free spreadsheets for you to fill in on a regular basis. You can also elect us to be a co- provider for one of the many accounting software programs like Xero. These programs feed your bank statements directly so your accountants can access them daily. This keeps external record keeping to a minimum.
The big five banks have also been transitioning into bank feeds. They are able to advise the set-up of your accounts into your chosen accounting software. The best ones to use include Xero, MYOB and Quickbooks Online. These companies are leaders in the frontier of cloud accounting and offer packages to suit your situation and accounting needs.
If this is all too much and you are more of a ‘keep your receipts in a shoe box’ kind of person then keep them in a cool, dark, dry place away from pests to preserve the ink on the documents. Your accountant may charge you more per tax return for the addition of these receipts. It is really important to categorise anything you can and write a list before heading into your appointment to keep costs down.
Your receipts can be sorted into several categories including:
- motor vehicle items
- protective equipment like work wear, shoes and laundry expenses
- mobile and internet use,
- stationary items,
- replacement tools,
- donations and any other general items that you are unsure of.
These categories will assist in a new, worry-free record keeping system aiding your accountant in the appointment. It is never too late to start and with our offices now open for 2016, help is only a call away.
For more information on tax time or any other questions regarding accounting matters, you can call us on 07 5444 1022 or email info@gpla.com.au.