Thinking about DIY’ing your business taxes this year? Think again
End of financial year: four small words that can send even the most seasoned professionals into a spin. There’s nothing more stressful than trying to organise your tax return while keeping everything else running ‘business as usual’, and unfortunately, many company owners don’t know where to start come June. Taking a DIY approach can be a smart frugal approach for a number of things in life, but taxes are not one of them. Not convinced? Read on to find out why outsourcing your business tax return this year might save you big time.
Late tax returns will cost you… literally!
For some larger companies, the threat of a small late fee may not sound too scary, but for smaller businesses these fees can add up. The ATO‘s failure to lodge on time fee can add up to thousands of dollars if you’re not careful, with the amount increasing every 28 days that passes after the lodgement deadline.
Mistakes will also cost you
Mistakes happen to everyone. Unfortunately, mistakes in your business tax return can have serious consequences. At the very best, if you realise your mistake and advise the ATO, you may get off with a lighter penalty. At the very worst, you could be convicted of tax fraud. It pays to get it right the first time.
Tax law and policy changes all the time
Time is money, and who has enough money to spend on keeping up with changing tax legislation? In this year’s budget alone there were more than 25 changes to tax and superannuation laws – that’s 25 potential errors or business processes that you need to adapt to. Every year. It sounds like a lot of sleepless nights stressing over your business tax return when you could be spending time on what’s important to you.
Worried about your small business tax return?
Tax returns are time-consuming, stressful and potentially costly if not done right. With decades of accounting experience in Taxation and Business Services, Sydney Accounting can help your small business complete your tax return, and work with you throughout the year to make the EOFY process seamless. Call us today on (02) 9810 3222 or email firstname.lastname@example.org for more information.