2017 New Years Resolutions

Keeping up to date with your tax and accounting obligations

It’s the beginning of a new year and we’re motivated enough to do something better. Why not use this time to get all your accounting and tax affairs in order? Here are some tips and tricks on how you can meet your accounting and tax obligations in 2017.

Bookkeeping

Is your current bookkeeping system working? Is it efficient, can it produce the reports you require to make the day to day management decisions, is it easy enough for the accountant to follow to lodge your BAS, IAS, financials & tax returns? There are several bookkeeping programs available from Xero to MYOB and you should get advice to determine which software meets your needs.

Record keeping

The ATO require taxpayers to keep records of their lodgments with relevant substantiation in accessible form (electronic or printed) for five years. There are several apps, computer programs and software available to help you keep your records safe and secure. A handy tool provided by the ATO is a Record Keeping Evaluation Tool to help determine if your business records are sufficient.

Lodgement Due Dates

As a registered tax agent, we have access to extended due dates for BAS and IAS lodgement.  If you are running late on your BAS and IAS lodgement, give us a call or send us an email and we can arrange to lodge it on your behalf. This will help reduce any late lodgement penalties and general interest charged.

Resources

There are plenty of resources available to improve your accounting and tax knowledge, assist in the collation of your information, as well as meet your lodgment requirements.

• Optima Partners – We provide useful worksheets, links, blogs and a regular newsletter
• ATO Webinars – Interactive online seminars with experienced tax officers
• gov – Information and services for businesses
• ATO Business Portal – Used to view your business’s ATO accounts, lodge activity statements, lodge forms such as payment summaries etc.
• ASIC – Information and guides to help to start and manage your business or company.

New year’s resolutions: They’re fun to make but difficult to maintain! Call Optima Partners if you want to get back on track and meet your tax and accounting obligations in 2017.

Andrea Allen – OP Accountant