Are you ready for Tax Time?

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Last Updated: June 24, 2018

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Before you send out your employee summaries or lodge the PAYG employment summary, add all the W1’s on all Business Activity Statements (BAS) for the year. It’s important to make sure they match the total amount of employees pay on the payment summary.

Similarly, make sure that all the PAYG’s at W2 match the amount of tax deducted. Be careful with this as sometimes this doesn’t match. If this is the case, you will have to determine if the BAS are incorrect or the employee summary. If the BAS are correct you will have to go back into the program and check the entries and correct them. If the BAS are incorrect, log into the ATO and make the necessary correction with the incorrect BAS.

Before claiming for expenses, make sure you have receipts. Deductions are for genuine claims; the Tax Office is not looking kindly upon ambient claims as a right. If some of your invoices are lost, it’s probably better not to claim than risk a fine.

If missing receipts are causing you grief, use that as a nudge to keep them. Twelve plastic folders make a wonderfully cheap receipt file; one for each month. The Tax Office is looking particularly closely at expenses this year, so if you’re not prepared this year, be prepared next year.