With the end of the tax year just around the corner, it's time to get end of year stuff together for your accountant or tax agent to prepare your tax accounts.
If you haven't seen your accountant yet, here are some helpful hints.
Don't despair — do the questionnaire. Your
accountant usually will send you an end-of-year questionnaire to prompt you for information and copies of documents. They're designed to help collect information to minimise tax. Make an appointment and go through the questionnaire if you don't understand it. Incomplete, inadequate information could also mean more fees and delays.
Do your stocktake — if your stock is over $10,000 at cost, you'll need to do a stocktake. If it's under 10,000 you don't need to. You'll pay tax on this number so if you can ditch or sell old stock you'll save some tax.
Review your assets list if you suspect a few of the items no longer work or exist. You could be surprised at what lurks on the schedule. Assets you purchase under $500 can be written off.
