Have you declared all of your business income?

When lodging your return through a tax agent it is vitally important to ensure that you tell them about all of your income and to ensure you get it right.

Ahead of your meeting with your accountant, you need to ask yourself if you have received any of the following:

• Cash payments
• Payments through coupons, vouchers or gift cards
• Rent from business assets or income from other business activities
• Business bank account interest or money from other business investments
• Income paid into a different account such as PayPal
• Income earnt through the sharing economy
• Any capital gains made by your business

Make sure that you keep accurate and complete records of all of your business income and ensure that you share them with your accountant.

If for any reason you have forgotten to declare some income and your tax return for 2019 has already been submitted, then an amendment can be made.

Contact your local TaxAssist Accountant for help and advice with any of the above.

Date published 28 Feb 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.