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Five-point checklist for this end of financial year

Posted 5 months ago in Small business by Tiana Barns
Posted by Tiana Barns

1. Make an appointment

Book in time with your advisor to prepare your staff payment summaries and start work on your tax return early. Now is the time to have an honest conversation about the next 12 months and make a plan  for your business for the coming year. Though around 13 million tax returns are lodged each year, just 3 million are self-lodged, meaning the vast majority of people use an advisor.

2. Review all of your subscriptions and direct debits

Is your business paying for services and software that you don’t use? Now is the time to review your budget and protect your income by culling unnecessary expenditure. Take stock and review what costs you need and what you can cut or get a better deal on.

3. Talk to your advisor about the small business write-off

You can deduct up to $20,000 from your business income if you purchase plant and equipment and use or install it ready for use before June 30, making it easier to grow your business with new equipment.

4. Get your house in order

The average Australian has seven bank accounts and credit cards altogether. If your business has leftover unused accounts, loans or credit facilities, sort it all out before 30 June — and don’t forget to connect your Xero bank feeds to all of your accounts.

If you feel overwhelmed, a bookkeeper is a great help you get the paperwork together.

5. Review your superannuation

Make sure you pay your superannuation before 30 June so you can claim it as a deduction.

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