What does your tax accountant need to prepare a tax return?Article by Emma Warren
There’s no denying that we all want to get ourselves a crackerjack tax return… how else will we fund our end of financial year (EOFY) parties after all?
But there is only so much that your tax accountant can do if they aren’t provided with the information they need to prepare an awe-inspiring return. The only way your accountant can do their best work is if they are given extensive documents detailing your business expenses and sales for the year.
Every business is different, so the exact documents needed will differ. Generally, your accountant will need the following statements from the financial year:
Why is bookkeeping essential in the lead up to EOFY?
Throughout the financial year, you should maintain detailed and accurate books. These documents will assist your tax accountant to create an impressive tax return.
If you don’t have a good bookkeeping system in place, your tax accountant might not be able to complete a tax return for you. Alternatively, they may charge you extra fees for the additional labour they have spent cleaning up your books.
The Rumpel team can work directly with your tax accountant to provide them with all of your financial reports to complete your tax return.
How does Rumpel work with tax accountants?
The dedicated book nerds at Rumpel are exactly that – book nerds. Although we complete your quarterly Business Activity Statements (BASs), we do not prepare your annual tax return. That’s what your tax accountant is for.
We do, however, work hand-in-hand with your accountant to ensure they have all the necessary information to give you a whoppin’ tax return. Because our team has done all of the hard yards throughout the year, your tax accountant will be able to complete your tax return quickly and easily. No last-minute document dramas.
We operate with complete transparency, so if you or your accountant needs certain insights or data throughout the year, we are happy to provide it. Otherwise, you can expect a year end tax ready file that entails everything your accountant needs.