It's taxing as businesses miss out
ABOUT 73% of Australian small businesses who manage their own taxes are missing out because they are not aware of all the deductions available to them.
Research by Intuit Australia also reveals 40% of small businesses have an understanding of the ATO's SuperStream requirements that come into effect on Friday for the start of the new financial year JULY 1.
About 59% of business operators who use an accountant or bookkeeper at the end of the financial year said they got a much better tax return outcome.
Generation X business owners were more likely than Baby Boomers to do their tax return themselves, the researchers found.
Intuit vice-president Brad Paterson urged business owners to look at asking experts to do their books.
"Our research shows too many small business owners are missing a trick by completing their own return without knowing about all potential deductions and compliance requirements," he said.
"Working with an accountant or bookkeeper and leveraging tools like cloud accounting software that streamline end of financial year is a no-brainer to save significant time, maximise your returns and set your business up for success in FY17."