Tax Tips to Prepare for EOFY 2020 - Accounts NextGen

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Accounts NextGen
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Tax Tips to Prepare for EOFY 2020
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The mid-year means the end of the financial year
in 2020. And its time to be prepared to line up
the business and personal finances. Many hurdles
strike in the finance managing pathway when it is
the end of EOFY. Thankfully, you have these tax
tips in your hand that help prepares for your tax
times and deductions faster. Here, you have these
handy tips that you should follow to prepare for
the EOFY.
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Get Your Paper Work Done

• The first tip to make a stress-free tax EOFY is
  getting your paperwork done before the time. And
  for this, you need to have the tax
  accountants record essentials on your fingertips
  including
• GST returns and BAS record
• Selling and purchasing receipts ready on your
  desk
• Other records like BAS statement, tax returns,
  and super contributions for the employee.

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Manage Debts Deductions
This is perhaps the most vital aspect of tax
accountant planning as it will help you to remind
the exact business expenses and deduction. For
instance, many business entities use the instant
assets of the Federal Government to write off
concessions. This is the high time to purchase
some new business assets that you may require in
the coming financial year. The reason behind this
early purchase is the tax shall not be deducted
if the payment has been made in this early year.
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Manage Online Banking Records
The best way to smoothen up the EOFY process is
to make the tax accounting record. However, the
perfect way to manage the tax accounting record
is to fill the online tax return statement. Durin
g EOFY, we need to make the bank statement prints
and fill the tax returns and current balance
statements of the business loans and investments
that we made. However, this year you need to
make all the statements manually or online and
make things less complicated.
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Maintain the Vehicle Logbook
For small business individuals, its essential to
maintain the vehicle logbook with a minimum
record of three months. The record will contain
some essentials odometer for June 30th, 2020,
including all the invoices and all business
expenses receipt for your vehicles. But to keep
it accurate and simple, you can also opt for
the online tax return apps and other tools to
organise everything.
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Accounts NextGen Tax Accountants Melbourne
Level 19, 180 Lonsdale Street, Melbourne, VIC
3000, Australia [phone] info_at_accountsnext
gen.com.au https//www.accountsnextgen.com.au