8th June, 2016
Accurate business reporting, particularly this time of year is crucial for your business.
Make sure you review the income each month. Your income records on your Profit & Loss for the period 1 July 2015 to 30 April 2016 need to be accurate. It is this income that you will pay tax on.
Many businesses tend to deposit capital such as loan funds, tax/GST refunds and proceeds from asset sales to business income. This will affect your Profit & Loss and make it seem that you have made more profit than you really have.
If you think you need help with your business income accounts, contact your bookkeeper or accountant. Find an MYOB Partner here.
You won’t believe the difference MYOB online accounting makes at tax time. Produce instant reports on income, PAYG, GST and BAS. Try MYOB Essentials free for 30 days.
The information provided here is of a general nature for Australians and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary.