Compiling documents to send to your accountant at the end of the financial year is not the most enjoyable task – so we want to share a few tips and tricks to help make light work of the paper-work this tax time.
If you would like more information or assistance with sourcing and/or collating your information please feel free to contact our office – we are more than happy to assist.
Tips on providing your information at Tax Time
Getting your documents to us
- We can accept email attachments up to 10MB in size
- Large files (up to 200MB) can be uploaded securely through our website at http://clients.oconnellsobm.com.au/upload/
- For any hard copies you supply there is no need to staple pages together – we scan all documents and our scanner requires unstapled pages
We know that keeping track of receipts and documents throughout the year is hard work – that’s why you can simply take a photo or scan of your receipt/document/tax information and email items as they happen to your client manager or by email to team [@] oconnellsobm.com.au. We’ll store it electronically on file for you – and include it in your annual documentation. Not sure if the item is tax related? Feel free to send it through to us and we will be happy to advise you.
If you use Xero, you can use the “file upload” function through the Xero mobile app (or on your desktop) to store documents within your Xero file.
Sourcing your information
ATO Pre-fill – For individual information, the ATO provides financial information from health funds, banks, employers, and government agencies. We usually have access to this information by mid-august, and we’ll send you a copy of what we receive for you to cross-check.
Bank statements can be downloaded from your internet banking – we are happy to accept electronically generated statements and/or CSV/Excel files
Dividend statements – certain information about your listed shareholdings like dividend statements can be sourced from the share registry:
- The relevant share registry details can be sourced from a prior year dividend statement
- Each investor has a unique Security Reference Number (SRN)/Holder Identification Number (HIN)
- This number in combination with a few other personal details will allow you to log in and view details about your shareholding
- The two most common share registries are Computershare and Link Market Services
Private Health Insurance Statements – some funds allow you to download and/or request your annual tax statements and claim information online
Do you use an accounting application?
Processing your information is more efficient when details of the following are provided in your general ledger accounting program:
- Legal Fees
- Purchase/Sale of Assets
- Repairs & Maintenance
- Sundry Expenses
- Suspense Items
Many desktop and cloud software packages offer short on-line and video tutorials on how to close off your file for the end of the financial year. If you use one of the software packages below, click through for more information, or feel free to contact us if you have a questions about year end in your general ledger program.
MYOB – Click here for an overview of the tasks for end of financial year.
XERO – Xero have a range of pre-recorded and upcoming tutorials for a number of year end processes, or click here to access our checklist of actions to assist in preparing your Xero file for Year End Processing.
Reckon Accounts – Reckon have provided an easy checklist to help you finalise your financial year.
Still using an Excel spread-sheet? Using a cloud accounting program can significantly minimise the time and hassle of business financial administration. We use Xero ourselves and are confident the platform can save you time and money, particularly when it comes to tax time! If you’d like to find out more about making a switch to the cloud and automating your financial administration, click here to book a complimentary, no obligation meeting with one of our cloud accounting specialists.