Tax Returns: 4 Types of Information Needed by Your Accountant
Posted on: 8 May 2017
If you own a business and you need to sort out your tax affairs, going to see an accountant is a great idea. A qualified accountant can fill out any necessary paperwork while also making sure that you are not paying too much tax. However, when you meet with your accountant, it is important that you bring the correct documents with you. Below is a guide to 4 documents you should bring along to your accountant's office.
Bank Statements
When calculating your taxes, the first things your accountant will need to consider is your income for the previous tax year. The best way of establishing this is by sorting through your bank statements. By looking at your bank statements, your accountant will be able to establish exactly how much pre-tax profit your company has generated. It is important that you also bring along documents which detail any other forms of income, such as money arising from a rental property or benefits such as child support, as this additional income could have an impact on the amount of tax you need to pay.
Deduction Documents
Your accountant can help to reduce your tax bill by deducting or claiming against certain financial transactions such as charity donations. If you have dependent children, you may also be eligible to receive a reduction in the amount of tax you need to pay. You should ask your accountant about any possible deductions and then bring along the relevant documents to your meeting.
Expense Documents
Your accountant can also help you to save money by including the cost of any eligible business expenses on your tax return. By deducting business expenses from the taxes due, you can substantially reduce the level of tax you have to pay. If you take a client out for dinner, you should keep any receipts, as you should be able to deduct the cost of the meal from the amount of taxes you need to pay. You may also be able to claim for the rent of an office space, marketing and advertising.
Any notices received from the Australian Taxation Office
If you have received any communication from the Australian Taxation Office, it is important that you bring this along so your accountant can examine it. The taxman will often send out reminders and warnings which could have an impact on your tax bill.
If you would like to find out more about filing your taxes, you should contact an accountant today.
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