Are you a small business owner? Are you a sole trader, company, partnership, or trust? Small Businesses generally get an extension for the lodgement of their returns. This sometimes means that life gets in the way, your business gets really busy, or it just gets forgotten. Here are 5 top reasons to get prepared now, and get your returns lodged before 31st October;
1. Get all your benefits. If you receive Family Tax Benefits, lodging your tax return may mean you get an extra payment. This results from your taxable income being less than your estimated income.
2. Keep the tax man away. Getting your Tax Return lodged early helps your compliance history with the ATO.
3. Refinance that loan. Financing a loan will depend on your tax returns lodged. You may be considering refinancing your home loan, business overdraft, or getting a new car. The most current returns will be reviewed before approval is granted.
4. Review your business performance. Reviewing your financial statements for the last 12 months will give you an insight of how your business has performed. This helps you make informed decisions in your business.
5. Set goals for the New Year.Once you have your Profit & Loss for the previous year prepared, you can set some goals to work towards. Having direction in your business will help you feel organised and ready to accept the challenge to strive forward. As a Small Business owner myself I understand how getting prepared to lodge your tax returns can be daunting and I am here to help.