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Top 5 Crucial EOFY Tips For Your Business

The end of financial year usually signifies a busy time of retail sales, the completion of bookkeeping and a time for reflection and planning for your business's fiscal performance.

The Australian government has compiled a to-do list for all businesses to ensure you are organised and prepared for the year ahead.

1.     Record keeping and compliance

Some yearly responsibilities as a business may include:

  • summarising income and expenses in profit and loss statements
  • stocktaking of your assets
  • recording debtors and creditors
  • calculation of depreciation expense claims for capital gains tax purposes

2.     Tax deductions

Be mindful of the items you're able to claim as tax deductions, such as:

  • company website expenses
  • motor vehicle expenses
  • diesel fuel
  • the use of machinery, tools or computers (this is a big one for our forklift customers!)

3.     Use a registered tax agent

Using a tax agent who is registered with the Tax Practitioners Board gives you the peace of mind of knowing they have the necessary qualifications and the protection of appropriate professional indemnity insurance cover. This will help avoid any sanctions from the ATO which may incur additional tax and administrative penalties.

4.     Keep up to date with tax changes

Be aware of tax changes each year. This may include breaks and deductions for small businesses such as the recently implemented immediate deduction for assets up to $20,000. Although this example is only a temporary break until 30 June 2017, opportunities like these make a big difference if you operate a small business.

5.     Review your finances

This is where you reflect on the performance of your business in the last fiscal year. Analysis of targets met or missed will assist in creating a strategy for the new year. Set key performance targets to keep your goals on track and try to forecast any potential financial speed bumps in the year ahead.

The full list with more tips and links to additional tax information can be found here: https://www.business.gov.au/info/run/finance-and-accounting/accounting/essential-tasks-at-end-of-financial-year-eofy

This material in no way constitutes the provision of professional advice. TMHA does not guarantee and accepts no legal liability whatsoever arising from or connected to the accuracy, reliability, currency or completeness of any material contained in this publication or any linked site. You should seek appropriate independent professional advice prior to relying on, or entering into any commitment based on material published here, which material is purely published for reference purposes alone.

These tips can help your business navigate through the EOFY

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