A business checklist for Tax Day

Jessie Lakin • July 23, 2024

Now that the 2024 financial year has come to an end, it is time to start thinking about preparing for your year-end tax work. There are many things to think about when trying to prepare for your business’s tax and it can get overwhelming when you aren’t sure what you need to provide.

So here is a simple list to help you get started on what information to gather for us to prepare and lodge your business’s financials and tax returns efficiently.

All business types:

  • Banks Statements at 30 June 2024 included in your software
  • Bank statements for the full year where bank feeds are not in your software
  • Loan Statements for the full year
  • Purchase invoices for any plant & equipment purchased throughout the year.
  • Finance documents for any plant & equipment purchased through finance.

Non-primary producers:

  • List of Debtors (people that owe you money) at 30 June 2024
  • List of Creditors (people you owe money) as 30 June 2024
  • Stock on hand at 30 June 2024 at your cost
  • Some manufacturers/builders etc may also need to know Work In Progress
  • Has there been income you have received in advance

Primary Producers:

  • Livestock numbers:
  • Deaths/Rations
  • Sales
  • Purchases
  • On hand at 30 June
  • Grain on hand quantities
  • FMD statements

Any further information we require, we will get in contact with you.

A personal checklist for Tax Day:

Preparing for an individual tax return can be challenging, especially when it comes to knowing what information to collect. To assist you, we have a guide for personal tax returns available on our website. https://greentaylor.com.au/tax/

Hint – make sure you keep supporting documents such as receipts and invoices to claim deductions.

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