When there is an end of the financial year in Australia, the business individuals already face busy times. So, it’s better to be ready with the checklist that helps to determine the business tax returns policy and give you instant relief from the debt management burden. However, it is essential to know what things you need to focus upon and what not may create trouble for the business entrepreneurs. Here we will provide you with the checklist that you need to focus upon and follow for the EOFY in 2020.

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2. *The Checklist that Businessmen Need
to Keep Ready for EOFY
When there is an end of the financial year in
Australia, the business individuals already face
busy times. So, it’s better to be ready with the
checklist that helps to determine the business tax
returns policy and give you instant relief from the
debt management burden.
However, it is essential to know what things you
need to focus upon and what not may create
trouble for the business entrepreneurs. Here we
will provide you with the checklist that you need
to focus upon and follow for the EOFY in 2020.

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Before you come to the
end of the financial year,
make sure to organize all
the payments that you
receive and the payment
receipt that you receive
from the goods and
services that you sell. It
will help you evaluate
the business tax
return payments and how
much you need to deduct
the payments.

4. *
The checklist to be done in the EOFY includes investing in some
valuable assets that you need in the next year before the EOFY. It
will help to save the tax. So, it’s better to accelerate your
investment before the EOFY ends.
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The audit would be great if you haven’t opted for a cloud inventory
software management program. The audit will help to ensure that
what assets you have in practice are in the files. The reason for
opting for an audit is that a manual spreadsheet is prone to errors
and doesn’t give you an overall idea about the products and their
tax and another cost.
It’s better to have an automated cloud-based management system
that saves your time and effort on the audit.

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By organizing the expenses, receipts, and expenditures
list, it will help you in claiming the tax deduction. You
probably have already claimed for the business tax
return deduction for the expenses you made at the end
of the financial year or the business’s daily deals.
Still, it’s better to create a checklist for a tax
deduction. Another option that you can follow is to go
straight to the Australian Taxation Office tax deduction
page and make sure to go through the details given in
the category.
Here, you can maximize the tax deduction permissible
that helps to reduce the tax.

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Accounts NextGen – Tax Accountants Melbourne
Level 19, 180 Lonsdale Street, Melbourne VIC 3000, Australia
(03) 9015 8540
info@accountsnextgen@gmail.com
www.accountsnextgen.com.au