Sydney Accounting Services – Keeping Your Important Records
Aug 26, 2009 Uncategorized
Many of us find organizing our tax information to be a stressful task and this is even worse if you have not kept well organized logs throughout the year. People head to their Sydney accounting services at the end of each financial year to have their taxes done.
There are specific records you should keep each year, so that you can provide them to any of the Sydney accounting services you choose, for them to do your tax return. These records must be kept for five years.
So what records should you keep? The following guidelines provide some idea of what record you should keep for the purpose of doing your tax:
* Documented income – includes everything you have earned during that year. It should be all-inclusive with payments from employers, income from your business or hobbies and any other payments (income) you received. You will need to provide records of all income.
* Motor vehicle costs – anything to do with business-related travel in your car, should be kept.
* Do you travel for business? – If so, keep receipts of all travel expenses.
* Does your work require special clothing? You may be required to purchase safety items such as reflective vests or steel toe boots and may be able to claim the expense of those purchases as well as the cost of laundering them.
* Bank fees – any fees paid on business or investment related accounts should be recorded.
* Education – any work-related study that you have done may be able to be claimed as well, so keep receipts of any courses or books you have purchased.
* Home office expenses – Your claim for the costs incurred in running your home office may be larger than you realize as you can include portions of utility bills and internet costs.
* Insurance – as a business owner, you may be able to claim the cost of insuring your equipment and other items.
When considering hiring the various Sydney accounting services to do your tax, you need to be sure you have provided them with sufficient information and other records to help them minimise your tax.
You may need more specialized guidance for some aspects of your business. When hiring a Sydney accountant keep your particular needs in mind to obtain the best accountant for your business.
About the Author:
There are many Sydney accounting services to choose from and picking the right one is key to maximising your potential to minimise tax and maximise what’s left in your pocket! For free tax tips and information on how we can help you, visit Sydney accounting today.
Tags: accounting, accounting service, business accounting, business tax, Sydney accounting service