End of year can be taxing

Tax time can be stressful, but if a strategy is set out across the year, it can be a lot easier to manage finances and get the most back in your tax return, according to AMD Chartered Accountants director Shane Kaurin.

He said businesses should have a quarterly review to know what tax outcome they would receive at the end of the financial year.

As a tax accountant he said they were helping more businesses stay on top of their tax planning by using cloud accounting throughout the year.

“Open communication is really important and by businesses being able to look at their data in real time through cloud accounting it helps us give correct advice,” he said.

“Individuals should keep their receipts and there are a lot of apps available to help in that process.

“A lot of people don’t realise the deductions they can claim and are missing out. For example parking, donations and motor vehicle use for work.”

Small Business Centre chief executive officer Fiona Fitzgerald said tax planning needed to be part of the business’ yearly strategy plan. Businesses needed to reconcile against statements and finalise payroll so employees received their group certificates by July 14.

“Tax planning in business needs to be part of the process for the whole year and also have an accountant they can trust, as it all comes down to the original start up structure to take you where you plan to go,” she said.