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Would being on top of your tax matters during the year make it easier at year end?

We expect that regularly updating records during the year will mean a smaller year-end workload for both businesses and their advisors which will result in less time spent on compliance.  We would also expect that as the tax treatment of an income or expense is considered closer when it was incurred and the rationale for its treatment can be made accurately rather than on a conservative basis due to a lack of information at year end.

Would more regular contact between businesses and their tax advisors during the year reduce the year-end workload?

Comments

Jane Fitzgerald
As we have an accounting package that enables our tax agent to have regular check this shouldn't be a problem

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2 months ago
John W
Yes, but biggest issue is the "surprise" terminal tax and high provisional tax due after a good year.

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2 months ago
Susan
If you have a package and can work out profit accurately on a monthly basis, increase your prov payment or make a voluntary payment. Less shocks

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2 months ago
Susan
If you have a package and can work out profit accurately on a monthly basis, increase your prov payment or make a voluntary payment. Less shocks

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2 months ago
Susan
No. Its all done inhouse and tax accountant files

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2 months ago
Sandra Kraakman
We already function this way.

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2 months ago
Margaret Baker
Hi What is is going to prohibit is the size of the client base that an advisor can handle. This is something that will be a major issue where the focus is to build client base and services that are fixed fee based i.e. small margin per customer. What we are affectively transfering here is work from our extension of time to a heavier monthly workload. How could this be improved?

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2 months ago
Raewyn
Not for us. We've already streamlined the business and the accounting we do works extremely well leaving us to enjoy our work. We know what is required tax-wise and very rarely do we need to refer back to a tax advisor.

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2 months ago
Tessa Curach
Being on top of tax during the year would definitely be easier at year end.

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2 months ago
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