Sydney Accounting Services – Keeping Your Important Records

Is there anything more stressful to the average person than organizing their personal information at tax time every year? Before heading to Sydney accounting services many of us are madly trying to organize documents and receipts that were not properly filed throughout the year.

There are specific records you should keep each year, so that you can provide them to any of the Sydney accounting services you choose, for them to do your tax return. These records must be kept for five years.

The guide below will help you choose what financial information should be kept for tax filing purposes:

* Documented income – includes everything you have earned during that year. It should be all-inclusive with payments from employers, income from your business or hobbies and any other payments (income) you received. You will need to provide records of all income.

* Car expenses – If you use your vehicle for business travel you should have a lot of mileage and expenses for petrol and repairs to provide to your accountant

* Do you travel for business? If so, keep all receipts for expenditures during business related trips.

* Clothing – if you must wear work specific clothing, such as safety glasses or steel capped boots, you may be able to claim the cost of these. You may also claim the cost of laundering your clothes.

* Finance fees – do you pay fees on business accounts or on accounts used for investment? If so, keep a record of fees paid and who they were paid to.

* Educational courses – You may be able to claim any expenses of work-related courses or seminars, including books that were required for the class.

* The cost of running an office in your home includes a portion of utility costs, maintenance and improvements. Claiming these expenses on your tax will reduce your tax burden if you can document the expenses.

* You pay for insurance for your business equipment and may also have purchased insurance for liability or other risk management. You may be able to claim this business expense.

When considering hiring the various Sydney accounting services to do your tax, you need to be sure you have provided them with sufficient information and other records to help them minimise your tax.

Consider what special services or advice you need for your type of business and choose a Sydney accountant that can meet that need.