It’s Tax Time!

Happy new financial year!  I know I’m about a fortnight too late but someone in our office thought it would be a good idea to get a full suite of new accounting and tax software installed over the financial year end.  Ridiculous right?  I will have to have a word to the decision maker around here.

All of our clients would have received the tax reminder letters for their 2014 tax returns together with a checklist to assist you in compiling your documents.  We’ve already had lots of clients drop their information into the office and we are full swing into tax returns already.

For business clients, this post from last year, together with the checklist sent should help you collate your tax documents.  I recommend getting them together while you are doing your June BAS so that you aren’t then hunting for them again in a few months time.  If you have employees, you will now be aware that your need to lodge the Empdupe file electronically this year.  If you aren’t already registered with an auskey then we’d be happy to assist you be lodging this on your behalf through the tax agent portal.

For everyone who is in the building and construction industry and has subcontractors – please don’t forget about the taxable payments summary reports which are due this month.  This is absolute information collecting but still a requirement and we’ve had several calls from the ATO regarding clients who haven’t lodged these from last year.

It’s becoming pretty clear that the auskey/business portal is the way of the future.  I wrote a post about it back in October 2012 and since then many clients have been using this site.  I strong recommend that everyone at least take a look at this because paper BAS/IAS statements are being phased out over the coming months with a view to remove these entirely.

Lastly, a bit of news from our office.  We were all very excited when Renae returned from her annual leave with a massive engagement ring on her finger (or as a picture on her phone while it was being resized.)  Congratulations Renae and Andrew!

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