5 key ways to master your tax preparation

How to ensure that your tax preparations are not only accurate but also optimised to maximise your benefits.

5 key ways to master your tax preparation

As we approach the end of another financial year, it's crucial to ensure that your tax preparations are not only accurate but also optimised to maximise your benefits. Here are some practical tips and tricks to help you navigate through the complexities of tax boundaries, reports, notes, and BAS setup using Agrimaster and Wagemaster.

1. Extend your financial year in Wagemaster

Extending your financial year in Wagemaster can be a smart move, especially when it comes to managing payroll taxes and other financial aspects. Here's why this adjustment matters:

If your last payroll for the financial year extends beyond June 30th, Wagemaster allows you to extend your taxation boundaries. This means that payments made after June 30th can still be counted in the current financial year. For more information, refer to this helpful article on Tax Boundaries.

Additionally, you can discuss with your accountant or financial manager the possibility of extending the financial year for other tax-related matters such as capital purchases, bad debts, outstanding invoices, and pending items.

Making this simple adjustment can sometimes significantly impact your cash flow and your employees' tax-free threshold.

For more information about the end of financial year, refer to our helpful EOFY Guide.

2. Compare year-to-date reports

Utilise Agrimaster's stacked reports feature to generate a comprehensive year-to-date wages report. Then, compare this report with your Wagemaster year-to-date report to ensure they align perfectly. Remember, Wagemaster should be your source of truth, so any changes should be effected in Agrimaster. Learn more about creating and comparing reports in this Stacked Reports guide.

3. Leverage the notes feature

Make the most out of Agrimaster's notes feature to track your progress, file access history, and backup status. Adding notes is only possible if the file has been backed up properly, making it a great way to ensure data security. Explore the benefits of the Notes feature in this detailed Notes Feature article.

4. Close your BAS in a timely manner

Develop a habit of promptly closing your BAS in Agrimaster, especially considering that Agrimaster’s BAS closely aligns with the ATO's portal. This ensures that your BAS submissions are accurate and timely. For more guidance on closing your BAS, refer to the BAS Help Article.

5. Review your Agrimaster tax setup

Take a comprehensive look at your Agrimaster tax setup, including taxes included in your BAS, frequency types, fuel tax setup, and other relevant details. If you're uncertain about any aspect, consider seeking consultancy and training to ensure your setup is optimised. Refer to the Tax Setup Help Article for detailed insights. For consultancy and training services, contact us at 08 6380 8800.

By implementing these strategies and taking advantage of the features offered by Agrimaster and Wagemaster effectively, you can streamline your tax preparation process, minimise errors, and stay compliant with regulatory requirements. Remember, staying organised and informed is key to financial clarity and success.