I am picturing your excitement as the countdown for End of Financial Year is now truly on! I bet you are currently dusting off your best party wear and prepping for a wild celebration to mark the occasion. Or possibly, like me, you are scratching your head in disbelief that we have already found ourselves mid year. With only a couple of weeks remaining this financial year, we only have a short period of time to finalise our activities ahead of 30 June.
Are you ready? Let’s get stuck into a few tips:
Get our records in order - Ideally, we have maintained a clear record of all our transactions throughout the year, through regular reconciliations maintained within accounting software or even manually in spreadsheets. Now, we gather all our supporting documentation, including bank statements, invoices and receipts, insurance documents, activity statements and any further documentation relating to our transactions.
Finalise accounts payable and receivable - Assess what bills we may still hold that are unpaid, ensure we are across all our commitments and understand why they are outstanding. It’s also the right time to chase any remaining amounts owed to us from our customers, clients and stakeholders.
Finalise payroll related activities, including superannuation obligations - Review payroll, superannuation, workcover, activity statements (and payroll tax, if applicable)
Understand what can be claimed - Valid claims include most of our business expenses where they relate to earning an assessable income (and therefore not personal in nature), and for which we maintain records to verify each amount. Welcome to refer to the ATO website on business tax deductions and concessions. There may also be time to make use of temporary full expensing, where eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is first used.
Complete a stocktake and review your assets - Count our inventory if held, and assess physical assets. This can assist with any depreciation calculations also.
Review your insurance policies, loan terms and any subscriptions you may hold - Take time to confirm whether any of our circumstances have changed, and whether our current levels of cover or service levels are still appropriate.
Partner with professionals - It’s very helpful to seek out advice. Professionals in this space can assist with maximising claims, support our reporting obligations, keep on top of all changes in tax laws and more.
Commence planning for next year - Take a moment to reflect on the year that was, review your pricing and marketing strategy, your upcoming obligations (including your payroll related activities, noting that superannuation and workcover premiums are due to change from 1 July) set targets for the new financial period, innovate, prioritise and create a budget!
Let’s not leave it too late, we might just miss out on that celebration!
What other activities do you complete at this time of year, as we prepare for a new reporting period to commence?? Share your thoughts and ideas in the comments..
This information has been prepared for information purposes only, current at the time of publication and is not intended, nor should be relied on as tax, legal or accounting advice. Please consult a professional advisor before engaging or relying on any content.
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