Most “financial years” in Australia run between 1 July and 30 June of the following year. In order to determine taxable income for the tax return, most businesses prepare financial statements to report their activities between these dates.
When you’re a Beany client, you have 11 months after the end of the financial year to get these details completed. However, we strongly recommend doing it while the information is fresher in your mind.
Lucky for you, your Beany accountant is responsible for preparing your tax return.
What’s the process?
First off, we use our purpose-built software to ask you all the questions we need to prepare your tax returns (if you wonder why we repeat some of the same questions each year, it’s because the law requires us to).
Our questions are designed to make sure:
- The tax return includes all of your income
- The tax return includes all of your business expenses (which reduces the size of your tax bill)
- The figures in the financial statements and tax return are accurate and complete
Here are the steps
- Keep your eye out for our emails after 30 June. We use them to give you a heads up when you’re able to start submitting your information to us
- Head over to your Beany page and click the “annual accounts” button. This will take you to the tax minimiser questionnaire and show you what documents you may need to provide
- Before you start the questionnaire, we suggest you’ve first:
- Invoiced everyone
- Received copies of bills dated on or before 30 June, that you didn’t pay until 1 July or later
- Reconciled your bank account in your accounting software
- Performed a stocktake (if you have stock)
- Once you’ve answered all the questions click “Send to Accountant”
Our team will then begin work on your accounts. You’ll hear back from us via email if we have any further questions. We aim to complete your accounts in 30 days, although sometimes it takes a bit longer if it’s complicated, or you need to find us more information. In either case, we will let you know if there is going to be a holdup.
When your accountant has drafts ready, they’ll be in touch to book a time for you both to virtually meet and talk them over. This is a great chance to reflect on the business year that has been, and set some goals for the coming 12 months.
After your approval, Beany will then lodge your accounts and tax returns with the ATO.
If you’d like further clarity on anything, our support team would love to give you a hand. [email protected]