When preparing your financial statements and tax returns, you may find us asking for additional information that sometimes doesn't seem relevant. It is. We're digging down to find out the nature of a transaction to see if it's tax deductible and if more GST can be claimed.
Submitting your Beany questionnaire
Take your time when providing your responses throughout the Beany questionnaire - detailed explanations and attachments will probably reduce the number of our follow-up questions! Once you’ve answered all of the questions, you need to submit the information to Beany. Click on the button on the top right of your screen.
All questions for all organisations need to be completed before submitting - we cannot start working on your financial statements unless all organisations are completed and you click on “Send to accountant”
Having all organisations submitted at the same time gives us an overall picture of your entities at the same time. It also ensures changes in one organisation can immediately be recorded or updated in the other. For example - changes to profit would require changes in the individual tax return; an interest adjustment in one company may need to be adjusted in the other; and so on.
Submitting the information triggers activity on our side, and we can start preparing your financial statements.
I gave you this information last year - why do you need it again?
Simply put – things change. You may have traded in a vehicle for a new one. The areas used as your home office may change if you’ve moved, decide to use a storage service, or if you now use part of your garage to keep business assets.
Tax records need to be retained for at least seven years, so we want a good history of what we’ve claimed for you, and why.
After submitting
Another reminder...
All questions for all organisations need to be completed before submitting - we cannot start working on your financial statements unless all organisations are completed and you click on “Send to accountant”
Once you've submitted your questionnaire, it's our hands. We aim to complete our work within four weeks after receiving all information. You can expect additional questions from us throughout our process to get a better understanding of a transaction.
Your Beany accountant will send out draft accounts and tax returns for you to review and set up a meeting to discuss the figures and answer any questions you may have. Once you're OK with the numbers, we'll provide you with a final set of financial statements and file the tax returns with Inland Revenue after receiving your approval.