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Helpful accounting services in Surry Hills

As your business accountants we thought we need to let you know that we are approaching the close of a financial year and at mas accountants we are pro actively targeting our client base to ensure that all income tax returns are lodged by their respective due dates.

You may not be aware that if you have an outstanding income tax return at 30 June of any year then the next year's tax return will have a restricted due date of 31 October. So if you get to 30 June 2012 and have not yet lodged your 2011 income tax returns, then be prepared for the shock that your 2012 income tax return will be due on 31 October 2012. Not only does this present issues for you in terms of getting next year's return in on time, the restricted due date of 31 October will also apply to any income tax payable. This is the penalty the ATO imposes for being a late lodger.

We once had a client who put off lodging his income tax returns for several years before eventually plucking up the courage to come and see us. As it turns out, the client was entitled to a refund. The client created so much unnecessary stress for himself because he was worried about his tax bill. There is no getting out of lodging a tax return (remember the old adage about death and taxes?) so why not stop stressing over the paperwork, get to your accountant and have the matter dealt with. The same deal applies to any small business clients that have outstanding BAS obligations.

If you are seriously concerned about not being able to afford any potential income tax, let your accountant work out what the amount is first. Then work with your accountant and together come up with a plan of attack to minimise the pain of trying to work out how to pay off your income tax obligations.

As your small business accountants in Surry Hills, do not hesitate to call or visit us.

 
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