5
Manage your deductions
Are you always on the go ? Save time and keep your tax organised with the myDeductions tool in the ATO app . myDeductions is a recordkeeping tool to make it easier and more convenient for you to keep track of your records all in one place . You can use the myDeductions tool to upload your completed records to the ATO and to pre-fill your myTax return .
6
Keep accurate records
The top tip for small business operators is to ensure that your records are kept up-to-date . Good record keeping will help you complete and lodge your tax returns , manage cash flow , meet your tax obligations and understand how your business is doing . Good businesses keep good records , they run their business with the help of technology ( such as point of sale software and accounting systems ), and they seek advice from a tax professional when they need it .
8 ISSUE 29 JUNE 2021 / WWW . AFMA . ORG . AU