Whether meeting with us as your tax agent or preparing your own tax return, here are some questions for you to consider when declaring income.
- receive any cash payments?
- earn income through coupons, vouchers or gift cards?
- receive income from other activities such as rent from business assets?
- receive bank interest or money from other investments?
- receive directors’ fees, dividends or franking credits?
- deposit any income into a mortgage or private bank account?
- have other accounts that business income is paid into, like PayPal?
- sell or transfer any business assets?
Make sure to maintain appropriate records including documents that show actual income amounts.
Remember, we are here to help you with your tax.
When using us as your tax agent to prepare your tax return, ensure you provide source documents not summaries to avoid having us guess the types and amount of income.