The tax season is usually stressful for many Australians. Sometimes even straightforward tax returns may become a task of going through personal records. The Australian Taxation Office (ATO) works hard to note any errors in tax returns. Every year, the ATO gets more tools and access that make it easy to observe these mistakes. Thus, it is difficult for one to get away with a few minor errors in their tax returns.
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Tax agents are specially trained accountants who prepare and file income tax returns. These professionals, unlike bookkeepers, mainly focus on income tax. A tax agent is registered by the Australian Tax Practitioners Board and is authorised to file taxes on behalf of taxpayers. Here is a breakdown of some of the benefits you get from hiring a tax agent.
Understand How To File Income And Eligibility For a Deadline
While the task of bookkeepers involves calculating net income, lodging tax returns can be difficult.
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When it comes to record-keeping, most small business owners start with good intent. They may introduce some procedures or set aside a certain amount of time each week so that they can bring everything up to date and continue to grow. Yet these may only be aspirations, and for one reason or another, they may easily fall behind. What are the consequences, and how can you avoid this type of situation altogether?
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Every year, thousands of small business owners go through the painful task of filing their taxes. The process of filing returns coupled with the prospect of writing a cheque to the government isn't something most people look forward to. Regardless of this, since filing taxes is mandatory, you should look for ways to make the process as painless and stress-free as possible. With this in mind, here are four tips for business owners to file their taxes and avoid the stress associated with the task.
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Some small business owners may take a lackadaisical attitude towards accounting. They know that they will have to account for their sales and make the correct deductions before they send the relevant reports into the ATO, but they may leave it to the last moment, only to wonder why it is so difficult to reconcile.
If your Business Activity Statement is due shortly, what are some of the things that you should do now in order to prepare correctly?
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