Australia’s government is trying to maintain the investors’ integrity and confidence in the corporations, economy, and capital markets. Hence, Australia has made legislation that requires businesses to produce and submit consistent and clear fiscal year report according to the law despite the cities you are carrying your business in.
Here are the things that you need to keep in mind while preparing for the financial year.
Self Employed or Sole Trader
All lodgments for Self Employed or Sole Traders need to be completed by 31st October and are best done through a registered Tax Agent. It is best to opt to have a registered Tax Agent like Aone Account & Bookkeeping to complete this for you.
Same as Self Employed or Sole Trader returns for lodgment dates and best to use a registered Tax Agent like Aone Account & Bookkeeping.
The company lodging dates can vary depending on your industry. However, most of the tax returns will be due by 28th February of every fiscal year. To get the best benefits for your company speak to a registered agent such as Aone Account & Bookkeeping.
You need to perform several tasks and submit many documents at the end of the financial year. This is why you need accounting and bookkeeping services who can do this task on your behalf.
Here are the things that you need to do.
Prepare financial reports
As you need to submit the tax return, you must have a balance sheet, profit and loss statement, the previous year’s tax return report, and cash flow statement.
Submit Your BAS Statement
You need to submit BAS or Business Activity Statement annually, quarterly, or monthly, depending on your turnover. The BAS statement lodging date for businesses that report annually is 31st October.
Review Your Finances Plans
It is important to note that the end of this year is also an ideal time to prepare your business for the coming year. Think about your priorities and goals, changes in your financial and business environment, the practicality of your business strategy, and consider new and promising opportunities on the horizon.
Also, make sure to go through your accounts to check whether you have reached your targets and goals. And think about the methods and techniques that can help you earn more profit in the future.
Update Your Business and Insurance Structure
If you have any insurance and business structure, consider upgrading it. This is more important if your circumstances have changed over the last year. Making amendments to your business structure will help you deal with unexpected problems in the future. Also, change your business model to accommodate your new insurance structure.