Small business tax: get ready for the End Of Financial Year (EOFY)!

June 15, 2023

For a small business, tax time can be an incredibly taxing time of the year (pardon the pun!)

As we settle into winter, most taxpayers can’t help but notice the looming end of the financial year. It can send pangs of panic and stress.

(We, on the other hand, love it, and wish it were tax time every day of the year!)

As you prepare business receipts and more, we want to offer some straightforward yet super useful information for your small or medium-sized business, and how efficient bookkeeping can simplify the burden of tax time. Read on to learn more!

small business tax

Ease the stress of receipts and invoices

Ever feel like no matter how hard you try, business receipts still manage to end up in the car, stuffed in the bottom of your handbag, or destroyed through a washing machine cycle?

Paper receipts have become a thing of the past, with bookkeepers using a range of professional software services to store and manage business receipts and invoices. Maximum Business partners with some of the best accounting software in Australia – find a full list here.

Cleaner accounts means better financial transparency, clearer budgeting, and ensures your business meets tax compliance and Australian taxation requirements.

Lodging your BAS

You should receive your Business Activity Statement from the Australian Tax Office (ATO), and you’ll be required to fill in a number of financial aspects.

The ATO issues these on either a monthly or quarterly basis, so it’s not just around tax time that these lodgments are super important.

Your BAS statement is a declaration to the tax office so it is crucial that it is filled out accurately. However for many busy small business owners, it simply becomes a source of frustration and dread.

That’s exactly what your small business bookkeeper is here for: seeking the support from a registered BAS agent means your bookkeeper has the skill and knowledge to accurately complete a BAS statement on your business’s behalf.

Maximum Business Solutions is a registered BAS agent that can produce and lodge your BAS statement – on time, every time.

Tax preparation and lodging your company tax return

All year long, Maximum Business Solutions will help manage, balance, and keep a record of all your business’s finances. Maintaining regular bookkeeping throughout the year has a significant impact on the ease and simplicity of preparing your tax return at the end of the financial year.

We’re super busy and loving all the hard work required in order to lodge all those important tax returns and keep busy small and medium-sized businesses tax-compliant.

Words that mightn’t mean too much to you – like “actual periodic deduction”, “fringe benefits” and “capital gains” – are music to our ears.

So whether it’s complex end-to-end accounts management or simpler bookkeeping basics to ensure you know when your tax returns are due, we work hard to ensure your business is prepared for tax time.

The preparation needed by a bookkeeper becomes invaluable for your accountant – so they are able to fulfil your tax obligations and lodge your tax return correctly and on-time.

Is your business ATO-compliant?

Just as we prepare your business for the end of financial year, we also work to ensure that your business and its finances remain ATO-compliant.

Responsive action on our behalf means you’re up-to-date on the state of your business’s finances throughout the entire year. This makes budgeting and spending more transparent, too.

The relationship between your accountant and bookkeeper

The relationship between an external bookkeeper like Maximum Business Solutions and an internal accountant – say, your own accountant – is super important. If you have your own accountant, we work closely with them throughout the year; not just around tax time.

Engaging professional bookkeeping services like Maximum Business Solutions ensures expenses are accurately recorded and added to your business’s financial records – without having to do the heavy lifting yourself.

Tax preparation for your accountant through our cloud-based technology is just one of the ways we work closely with your accountant to ensure the financial success of your business.

Accurate bookkeeping is a year-round task

The truth is that seamless business bookkeeping extends much further beyond the end of financial year. In fact, it is a year-round task. But it’s a task that doesn’t necessarily need to be added to your to-do list!

Bookkeeping services from Melbourne’s Max Business: reach for financial success this year!

Does the thought alone of tax time send shivers down your spine? Are you overwhelmed by business obligations and does the end of financial year stress you out? Time to seek some support!

Maximum Business Solutions offers end-to-end bookkeeping services to Melbourne business owners. How do we do it so well? We work closely with entrepreneurs and business owners through the entire year; not just around tax time.

The end of financial year is just days away, so there’s no time to waste! Contact Maximum Business Solutions today for essential bookkeeping services for small and medium-sized businesses in Melbourne.