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New Year, New You??

New Year, New You?

As you compile your records in preparation for your tax return, think about what has worked and what you could improve this financial year. Make a new financial year plan for your record keeping practices that will simplify things for 2020.

Some easy tips for your record keeping this year:

  • Ensure you separate business and personal records.
  • Keep records for five years (usually from when you lodge your tax return) if needed, this will help prove what you’ve reported and claimed.
  • Set aside time to regularly review and update your records. You’ll spot potential problems sooner.
  • Keep your records electronically. The ATO MyDeductions app is a great place to start.

Having good record keeping practices, will make it easier next time you lodge. It will also help with the day to day running of your business.

SHB can provide you with a number of options to simplify your record keeping, both as an individual or for your business.

Make an appointment online or by calling our office on (03) 5561 8618.

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600