Ensuring that your tax returns are filed accurately and on time can be tricky and time-consuming, making ‘tax season’ particularly stressful. The more prepared you are, the smoother things go, with the more knowledge you have of programs like MYOB helping you gain a firm grasp of your tax matters.
In this blog, we provide you with five handy tips to make tax return season a much less stressful affair, as well as show you how a flexible MYOB online course can give you the skills in a way that can fit your current working obligations. So, without further ado, let's get started on those tips!
Tip #1 - Don’t Leave Business Tax Things To The Last Minute
When you’re running a business, time can often be at a premium, leading you to concentrate on the things that matter right would help if you didn’t shouldn’t procrastinate your tax accounting, as it can leave you very little time to resolve any issues that arise or take steps to minimise your tax exposure.
Tip #2 - Ensure JobKeeper Payments Are Included
If you’re a business in Australia that’s been majorly impacted by the pandemic, there's a good chance you will have been given JobKeeper payments to help you stay afloat. When you combine your business tax returns, the amount received must be included as an income.
However, if you received cash flow boosts in 2020, they’re not taxable and don’t need to be included in your return.
Tip #3 - Make Use Of Available Technologies
Long gone are the days when doing your taxes in paper form was the most efficient method, as technology has advanced much in recent years. Software like MYOB can take care of a lot of the legwork involved with your tax return obligations, allowing you to have all your business transactions accounted for automatically, making this often laborious task a cinch. MYOB online makes business life much easier.
Tip #4 - Make Use Of The Loss Carry Back Scheme If Eligible
Another measure introduced by the Australian government to support businesses during the pandemic was the Loss Carry Back Scheme. It allows net operating losses to be applied to the previous year’s returns, potentially resulting in a tax refund, so if you’re eligible, it’s something you should consider.
Tip #5 - Always Overestimate Your Tax Payments
As you’ll learn by taking an MYOB online course, your planning should be cautious, meaning that you should try to overestimate your tax liability to take account of any errors or issues. It’s better to put more aside from what you don’t need rather than getting a bigger bill than you anticipated and being unable to pay it.
Learn to Take Care of Your Accounts Flexibly and Affordably
As you can see, there's quite a bit that you need to be aware of to stay on top of your tax return obligations, but the good news is that it’s possible to take an online MYOB course at your own pace from OCA. Our Advanced course in MYOB will equip you with everything you need to know to manage your business accounts effectively.
This industry-recognised qualification offers 40 Continuous Professional Development (CPD) points. What’s more, this MYOB online course can be paid for in manageable instalments, making it accessible to everyone.
If you’d like to know more about anything described here, visit us online at www.onlinecoursesaustralia.edu.au, where you’ll find a wide range of online professional training courses covering 20+ industries and sectors. Alternatively, call our friendly advisors on 1300 611 404 today to talk to us directly before enrolment. For more information, enquire about MYOB online training today.