Preparing Your Tax Return: A How-To Guide for Thriday Members

August 14, 2023
6
minutes to read
by
Justin Bohlmann
Contents

When running a small business, accurately preparing and lodging your business tax return is a critical task that can significantly impact your financial well-being. But fear not! With Thriday, a new automated accounting platform, tax season no longer needs to be a source of stress. In this step-by-step guide, we will walk you through preparing and lodging your business tax return with Thriday, unlocking its full potential to streamline your financial operations. So get ready to maximise your deductions, simplify your bookkeeping, and enjoy a stress-free tax filing experience. Let's dive in!

1. Review Transactions

One of the key aspects of preparing your business tax return is ensuring that all your income and expenses are correctly categorised. Thriday's automated accounting feature takes care of the bulk of this process, saving you valuable time and effort. However, conducting a final review before your tax return is prepared is always a good practice.

Take a moment to go through your transactions on Thriday. Verify that each income source and expense is accurately labelled and categorised. This step ensures that your financial records align with the relevant tax requirements and maximises your chances of claiming eligible deductions.

Thriday makes it easy to review transactions by providing a clear and organised overview of your income and expenses. Take advantage of this feature to spot any discrepancies or misclassifications. By giving your transactions a final check, you can have peace of mind knowing that your tax return will be accurate and compliant.

2. Add Receipts and Tax Invoices

To help claim the maximum amount of eligible tax deductions, it is essential to have proper documentation in place. This means keeping valid receipts and tax invoices for the expenses you plan to claim. Thriday has a receipt scanning feature that makes storing and managing these documents easy. You just need to take a photo, and everything else is handled.

We recommend uploading as many receipts and tax invoices as you have onto Thriday. By doing so, you are safeguarding your financial records and ensuring that you have a valid proof of purchase for any expenses you claim.

In the unfortunate event of an ATO audit, having the receipts readily available can make the process smoother and less stressful. Thriday's secure and organised document storage ensures that your receipts and tax invoices are easily accessible whenever needed.

Thriday makes tax time, relax time

3. Manage Your Balances

While Thriday automates the categorisation of transactions within its platform, it's important to account for any income or expenses that occurred outside of your Thriday transaction accounts and Visa Debit card. To ensure your books are up to date and accurate, Thriday provides a valuable feature called "Manage Balances."

The "Manage Balances" feature allows you to add income or expenses that were not captured automatically. Simply nominate the income or expense type, specify the amount, and indicate the month it was incurred. This gives you a comprehensive overview of your financial activities, even those outside of Thriday.

By taking advantage of the "Manage Balances" feature, you can maintain a complete record of your income and expenses, ensuring your financial statements are accurate and current. This feature helps you stay organised and provides a holistic view of your business's financial health.

4. Confirm Tax Profile

Now that you've reviewed your transactions, added receipts and invoices, and managed your balances, it's time to ensure that your tax profile is accurate. Thriday allows you to confirm specific details about your business that can impact your final tax estimate.

For example, if your business had carryover losses from previous years or if you have a student higher learning debt, confirming these details in your tax profile is essential. Thriday considers these factors to provide you with a more accurate estimate of your tax liability or refund.

By confirming your tax profile details, you ensure Thriday can generate the most precise tax calculations for your business. This ensures that you clearly understand your financial obligations and can plan accordingly.

5. Confirm Bank Account

If you are eligible for a tax refund from the ATO, confirming the bank account* where you want the refund deposited is essential. Thriday offers a seamless process to ensure your tax refund is paid directly into your preferred account.

By confirming your bank account* with Thriday, you can enjoy the convenience of receiving your tax refund without any delays. As soon as the ATO processes your refund, it will be securely transferred to the nominated account, saving you the hassle of waiting for a physical check or making manual arrangements.

Rest assured that Thriday prioritises the security of your financial information. The payment process is designed to protect your sensitive data, providing you with peace of mind throughout the refund process.

6. Lodge Tax Return

Once you have finalised everything, you can then lodge your tax return with Thriday and registered tax agent POP Business. POP Business has a team of expert accountants who will review your information and prepare your tax return. They will then check it with you and lodge it with the ATO. Standard sole trader tax returns start at only $500. 

Preparing and lodging your business tax return shouldn't be a daunting task. Thriday offers a range of features to simplify the process and maximise your deductions. By reviewing transactions, adding receipts, managing balances, confirming your tax profile, and confirming your bank account, you can easily streamline your tax filing experience. Trust in Thriday's automated accounting capabilities and user-friendly interface to make your tax season stress-free. Take action today, leverage Thriday's tools, and enjoy the benefits of accurate and efficient tax preparation.

Remember, Thriday is here to support you every step of the way. Happy filing!

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