Small business tips when using a tax professional

Are you running a busy small business? It might make it easier for you to have a tax professional help you with your tax obligations.

You can also find information yourself, for example through the ATO website and ATO Community. You can then speak with a tax professional to understand how the information applies to you.

When we see businesses doing well, one reason is that they have accurate and complete records.

If you’re planning to see a tax professional, it helps to keep your records organised throughout the year. The less time your tax professional needs to spend sifting through your paper receipts and other records, the more time they can spend on the complicated parts of your business.

If you cross-check your records against the original documents regularly, it can make it easier for you to pick up mistakes early.

If you’re a sole trader, try using the mydeductions in the ATO app to capture your expenses as they arise. Then you can email the data to your tax professional when it’s time to do your tax.

It’s also a good idea to set up a separate bank account for pay as you go (PAYG) withholding, employee super and GST. This will help you avoid the temptation to use it as cash flow, and ensure you’re on track to pay in full and on time.

Remember, tax professionals can help you with your tax, but you’re responsible for keeping business records and what you claim in your returns. We know there’s a lot to be across when it comes to operating a business, so we’ve created a flexible and free online training resource, Essentials to strengthen your small business, you can use and share with your tax professional to help keep your record keeping on point.