The end of financial year approaches, pressures escalate, your day gets busier and you have no time to organise your tax and ensure your business is compliant head of 30 June.
Business owners will need to make a few decisions based on their structure affecting the financial outcomes.
Employee bonus payments and withhold the tax.
Finalise payments to vendors/contractors by year end.
LODGE every quarter instead of doing it all at the end.
Take advantage of any deductions/write-offs and rebates before June 30. Please note the current write-off is extended until 30 June 2018.
Reconcile all accounts receivables/payables and bank accounts
Review work-in-progress & review debtors!
How to make the most out of the EOFY- make strategic decisions that could save money, increase revenue, and make the business more profitable. It’s also a valuable time to check that the business has the right structure. Find a way to spend less time organising and managing your finances. It is always best to set up systems that will limit the amount of work you do at tax time. A system will also run a report of business performance.