ATO Templates To Help You With Your Records
Tax time is looming and there’s a good chance you’re experiencing a mild dose of overwhelm, and possibly some avoidance?
It’s easy when you’re running a business, to put aside those tasks that aren’t urgent, that you don’t completely understand or that you just really, really don’t like doing. Don’t worry, not many people enjoy the bookkeeping side of their business, especially when there are more fun and more urgent things to do.
However, keeping your finances in some sort of check is essential to ensure the success of your business, not just in understanding your income and expenses, but also having a grasp on your cashflow so you can budget appropriately and not waste funds.
It also saves you a heap of time and money when tax time rolls around. Keeping good records of your income, expenditure, stock and other business related finances keeps your mind at ease and makes dealing with the ATO far more stressful than it needs to be.
If you’re outsourcing your bookkeeping, accounting and lodging of tax returns, good record keeping will enable your bookkeeper or accountant to do their job with little stress, and reduce the number of times they need to hassle you for information. This reduces the time they spend on your business, significantly decreasing the financial cost to you. It also ensures you are in tune with your business and know what’s going on.
To help make the job easier for everyone, the ATO have a number of free templates and spreadsheets for you to download from their website.
They provide the most common and most useful forms that are not only relatively simple to use, but also ensure you provide the details that the ATO needs. These forms will also make outsourcing your accounting simpler and smoother for everyone, and give you a succinct overview of where you and your business are right now.
Now all you need to do is make sure you set aside time each day or week to fill in the details, avoid overwhelm and stress than is absolutely necessary. Easier said than done though, right?