For small business owners, tax demands year-long consideration. From filing your BAS to organising your expense reports, and lodging your PAYG reports, it’s essential you accurately manage your taxes. Fortunately, there are a number of useful tools that will help you handle your taxes with ease.
To guarantee tax compliance for your small business, you have to submit the correct materials at the right time. The Australian Taxation Office (ATO) App will make sure you never miss an important date with its useful key date tool. The app also offers other handy features such as ABN look-up, business performance check, and payment plan estimator.
ATO tax calculators
If you’re a self-employed individual looking for something simple and straightforward to help you determine the tax you owe, the ATO’s simple tax calculator is a good option. For business owners who employ staff, the ATO’s tax withheld calculators will help you figure out the tax you should be withholding from payments to your employees.
This handy app helps you organise your business finances, so you’re always prepared for tax time. Record business expenses wherever you are and forgo the hassle of keeping tabs on paper receipts by capturing and uploading digital copies right away.
Are you often on the road for work? The mileage tracking feature will automatically track your kilometres using your phone’s GPS and categorise as business or personal expenses, so you can dispense with the logbook once and for all!
Wage reporting is crucial when it comes to your taxes, and TSheets will help ensure an accurate payroll every time. Track your employees in real-time and access their timesheets instantly, on any device. Download time card reports with detailed information on all your labour expenses, and easily find the information you need with useful filters. 5
As the name implies, Expensify focuses on your business expenses – and does a great job, too. The app scans and transcribes receipts for effortless expense reporting, and auto merges each credit card transaction to the corresponding receipts for efficient credit card reconciliation. Expensify seamlessly integrates with QuickBooks Online, keeping all your finances readily accessible come tax time, or anytime.
Stop wasting time on data entry and have Hubdoc do it for you. The Hubdoc app automatically retrieves and accurately codes your statements, bills, and receipts, so you have one less thing to worry about.