As of 1 October 2015 Online Accounting and Taxation Solutions has changed name to Affinitas Accounting, you have now been redirected to the new page.

Are Your Business Numbers Up To Date?

are your business numbers up tp date laptop and notebook

are your business numbers up tp date laptop and notebook

Are Your Business Numbers Up To Date?

If you don’t know where you are, how can you plot where you are going?

 

Those who leave completing their end of year accounts and tax returns until the last possible minute are doing themselves a disservice – particularly if you run a business.

 

The 2020 financial year finished more than 7 months ago – and there are less than five months to go before the end of the 2021 tax year. By now you should have your annual 2020 returns completed, or at the very least your tax accountant should be contacting you to get them finalised ASAP.

 

We realise that completing annual accounts and tax returns is not the most exciting job for most – but it is an absolutely critical part of running a business.

 

The following are 10 very important reasons that you should move quickly to complete your 2020 accounting and tax.

  1. How did your business perform overall in FY2020 compared with FY2019?
  2. Which areas of income have improved and which are in the decline?
  3. What expense items have increased and why? Where they planned for or unexpected?
  4. What is your tax position for 2020 – remember your bookkeeping software will only tell you part of the story because there are many things that are done only in the end-of-year accounts like bad debt write-offs, asset depreciation and Division 7A loan repayments?
  5. If you have a tax bill you have time to plan. If you owe the ATO some money, then you can often delay the lodgement and give yourself time to plan for the payment.
  6. If you are due a refund, then it is better back in your bank account as working capital.
  7. Where there any one-off effects (positive of negative) that impacted on the 2020 result (Covid downturn? Stimulus payments?)
  8. Your final 2020 results will establish a base by which you can assess the year-to-date (YTD) performance for 2021.
  9. The 2020 results compared with your 2021 YTD will provide you with the opportunity to conduct projections and tax planning for your 2021 result.
  10. If you are planning to purchase business assets to write off for 2021, then you need to plan this before the end of March, because there can be significant delays in supply of the assets and also delays in obtaining finance to purchase the assets.

So when you receive those reminder calls and emails from your accountants with requests for outstanding information needed to complete returns, remember it is going to be in your (and your businesses) best interest to put aside some time to answer those queries and get your numbers finalised. And if you are concerned that your tax agent or accountant has not been in touch, then find out why and make sure you get things moving.

 

If your needs cannot be met in a timely manner, then you may need to contact a firm with the capacity to complete the work for you as soon as possible.

 

For enquiries about new client onboarding, contact the Affinitas Accounting at or 07 3359 5244.


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  • I’ve been dealing with Affinitas Accounting for about 3 years now and I have found them to be nothing but friendly and helpful. I’m a Bookkeeper and on occasions have been stuck with various accounting problems. Affinitas have not hesitated to spend time with me until the problem was solved. Any queries or questions have always been answered in a timely manner.

  • I highly recommend coming here for all your tax needs! They explain everything you need to know about tax thoroughly and go about there jobs professionally, always leave here with a cheery smile and satisfaction.

  • Affinitas Accounting has been so helpful with the restructure of my business. They made it an easy process and explained it in a language that was easy to understand. My ongoing tax and gst is all prepared by them, they’ve really taken the stress out of it all to let me focus on growing my business.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Rebecca & Russel Johns

    Since moving to Affinitas Accounting we have a clear understanding of companies and trusts. We have no hesitation in saying the team here will meet and then exceed your expectations! I never feel like i am annoying them. Thank you Team Affinitas

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Paul Maclaine

    Affinitas has looked after all our financial needs for our business and personal tax returns. We have been with our accountant for 10+ years. I have no hesitation in recommending Affinitas to anyone looking for an accountant or any financial advise. We have always found and received friendly professional and practical advise.

  • For the past 6 years, Tammy has been lodging our tax. The team always spend the time to explain how things will affect us and always manage to maximise our returns. We highly recommend the team to anyone we speak to and have had friends move to do their future tax with the team at affinities accounting. Couldn’t recommend them highly enough.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Kirsty Whittaker

    I’ve been using Deb from Affinitas Accounting now for many years and have found her to be excellent in looking after my taxation needs. I’m in Tasmania, Affinitas Accounting is in Queensland and distance is no barrier. She understands my business needs, everything is done in a friendly and efficient manner and I happily recommend to anyone looking for ‘down to earth’ taxation advice.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    David Williams

    We’ve been with Affinitas Accounting for over 5yrs when they were known as Online Accounting & Taxation Solutions. From our initial phone call with Brad looking for an accounting team that would meet our expectations as well as provide efficient service, we’ve been really impressed with the team’s professionalism, knowledge & expertise.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Allyson O'Connell

    Debbie is our accountant and has been for seven years. She is thorough and always does what she can to honestly get us the best return but always adheres to the ATO guidelines. We recommend her to our friends and wouldn’t take our business to anyone else. Thanks Debbie.

  • We have only been with Affinitas Accounting for the past 12 months but in this time they have by far exceeded our expectations of an accountant and far surpassed previously used accountants.
    Affinitas are not just about annual returns, BAS statements etc, they take the time to get to know you enabling them to provide advise to help you work toward personal & business goals.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Mark D’Andrea

    Can’t fault Affinitas.

    Have been coming here for years (when it was then called online tax). Deb has been happy to always go the extra mile and doesn’t mind dispensing helpful advice throughout the year.

  • Tax Accountant & Financial Advisor Brisbane - Affinitas Accounting
    Deagon Fixing

    I have been a client of Affinitas Accounting (previously Online) for the past 8 years. It is like a one stop shopping experience, all my needs were addressed in the one office.

    Thanks Affinitas you for all your assistance and I would strongly recommend them to anyone to use

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