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.
Some yearly responsibilities as a business may include:
Be mindful of the items you're able to claim as tax deductions, such as:
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.
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.
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
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