Get Your Business Records Ready for Your Tax Return 2022

Organising your end-of-financial year documents now means you can get your tax completed earlier and maximise your return. Book a your tax return appointment now and rest easy knowing it’s under control.

Share this post

Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments.

Getting your business records up to date and accurate will allow us to work with you proactively to plan for the coming year, which will continue to be unusual (and possibly difficult) for many. It will also be one less thing to do when your normal business activity resumes later in the year!

What Records do you Need to Have Ready for the Tax Agent?

  • Have you bought or sold assets? If so, you need full details of acquisitions and disposals.
  • Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing at 30 June.
  • Check that any bonds or deposits paid or received have been allocated correctly.
  • Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year.
  • Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules).
  • List any doubtful or bad debts to be written off.
  • Review your debtors and creditors (accounts payable and receivable). Is the list current and correct?
  • Do you have loans with related entities? Reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.
  • Ensure that all payments to company directors have been correctly captured. Talk to us now if you want to make director payments before 30 June.
  • Provide records of any government grants received for COVID-19 or natural disaster impacts on your business.
  • Gather records of any COVID-19 related benefits that were provided to staff this financial year as there may be fringe benefits implications.+-
  • If contact details of business owners and key personnel have changed let us know.

We will let you know if there are other matters to discuss with us before completing your tax return, such as cryptocurrency transactions, capital gains, vehicle usage, private usage apportionment or superannuation. This year, there may also be new elements to discuss if you have received grants, refunds, credits or deferrals of business expenses and liabilities.

Remember you need to keep all your business records for seven years, so store everything securely and where possible electronically for safety and ease.

Once you have all your records for the 2022 financial year, make an appointment with us to schedule in your tax return for prompt lodgement.

Subscribe to our newsletter

We are dedicated to providing you the latest information of tax and finance.

More to explore

Speak with our experts today

Expertise you can trust

CONTACT US

Head office: Suite 3 / 700 High Street, Kew East VIC 3102

East region office: BizHub Coworking Level 2, Realm 179 Maroondah Highway, Ringwood VIC 3134

Phone: +61 3 9081 9850 | Email: info@cfhpartners.com.au

Registered Tax Agent: 26026505

Australian Financial Service Licence (Self Managed Super Fund): 459074

Credit Representative (521118) is authorised under Australian Credit Licence (384324)

DISCLAIMER

Every effort has been made to offer the most current, correct and clearly expressed information possible within this site. Nonetheless, inadvertent errors can occur and applicable laws, rules and regulations may change.

The information contained in this site is general in nature and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact CFH Partners professional advisers for advice concerning specific matters before making any decision.

Your complete financial situation will need to be assessed before acceptance of any proposal or product.

Liability limited by a scheme approved under Professional Standards Legislation.

Copyright © 2020-2022 | CFH Partners Pty Ltd. All rights reserved.

This website uses cookies to ensure you get the best experience on our website.