Prepare for the End of Financial Year: Essential Tips

by | 21 Jun 2024

Prepare for the End of Financial Year: Essential Tips from the Kimberley Business Network

As the end of the financial year approaches, it is important that your business remains compliant and financially healthy. One crucial aspect to consider is the importance of using a registered tax or BAS agents for lodging your returns. Here’s why this matters and how you can make the most of the resources available to you.

The Risks of Using Unregistered Agents

Engaging unregistered tax or BAS agents can expose your business to significant risks. These agents may not have the necessary qualifications or expertise to handle your BAS or tax needs adequately. If an unregistered agent makes an error in your return, you will not be protected by the safe harbour provision. This protection shields you from penalties and liability for mistakes made by registered agents, underscoring the importance of choosing the right professional for your business.

How to Verify Your Agent’s Registration

Ensuring your agent is registered is simple and straightforward:

  • Online Register: Use the Tax Practitioners Board’s online register to search for your agent.
  • Registered Agent Symbol: Look for the registered agent symbol and their registration number (as shown in the image below).

Benefits of Using a Registered BAS or Tax Agent

Opting for a registered agent comes with several advantages:

  • Qualifications and Conduct: Registered agents are fully qualified and adhere to a professional code of conduct.
  • Professional Indemnity Insurance: You are protected under their professional indemnity insurance.
  • Extended Lodgement Dates: Benefit from extended deadlines for tax returns and BAS statements.

End of Financial Year Resources

To help you navigate the end of the financial year, there are a range of valuable resources on the Small Business Development Commission’s website:

  • End of Financial Year Checklist: The free checklist to ensures you meet all your obligations. Click Here
  • Expert Tax Tips: Gain insights from professionals to maximise your returns. Click Here
  • Tax Planning Tips: Plan effectively for a successful year ahead. Click Here
  • Preparing for Income Downturns: Learn strategies to manage potential financial challenges. Click Here
  • Quick Guide to Tax Deductions: Identify all possible deductions to optimize your tax return. Click Here

Need Assistance?

The Kimberley Business Network provides a free small business advisory service. For personalised support, call Scott at the Broome Chamber of Commerce on 08 9193 5553 or email adviser@broomechamber.com.au

More Information

If you discover that your current agent is unregistered, contact the Tax Practitioners Board immediately. For additional guidance on selecting an accountant, refer to our choosing an accountant information guide.

The Kimberley Business Network is committed to supporting your business’s financial health and compliance. Trust registered professionals to safeguard your business interests and ensure a smooth end-of-year process. Prepare confidently with our resources and expert advice, and let’s make this financial year-end a success together!