# ATO: Preparing for tax time



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office's Small Business Newsroom:

*Ready, steady&#8230;*










*11 June 2019*

The end of the financial year is just around the corner, but it doesn't have to be a race against the clock for your business.

Whether you prepare your own return or use a registered tax agent, get ready now with these tips so that lodging your tax return goes smoothly.

Check whether any expenses you may be thinking about qualify for small business tax concessions, such as the instant asset write-off or immediate deduction for prepaid expenses.
Start gathering and sorting your business records now. You need records of all cash, online, EFTPOS, bank statements, and credit or debit card transactions covering:
sales and other business income
expenses you can claim as a business deduction.

Make digital copies of any paper records and make sure you back them up. If you're a sole trader you can use the myDeductions tool on the ATO app.
Even if your business hasn't made any income this year you still need to prepare and lodge a tax return if you have an ABN.
Need help? We have a range of services and tools for small businesses.

Remember, registered tax and BAS agents can help you with your tax.

*Find out about:*

Small business entity concessions
Income and expenses for tax returns
Supporting your small business
(https://www.ato.gov.au/Newsroom/smallbusiness/General/Ready,-steady---/?sbnews20190619)


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## RoboRider (Aug 26, 2018)

Jack Malarkey said:


> Make digital copies of any paper records and make sure you back them up. If you're a sole trader you can use the myDeductions tool on the ATO app.


See @Jack Malarkey , even the ATO think you need to make a copy of your paper ledger and all those fading receipts


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## Jack Malarkey (Jan 11, 2016)

RoboRider said:


> See @Jack Malarkey , even the ATO think you need to make a copy of your paper ledger and all those fading receipts :biggrin:


Yes, I thought of you, @RoboRider, when I read that! :smiles:


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