Tax Tip #1 – Perform a Business Health Check
The end of the financial year is a great time to check in on the health of your business.
By checking your systems and record keeping you can make sure that you’re in a good position to efficiently and accurately complete your return, even before you step foot in to your accountant’s office.
There are a number of informative tools available to help you, including the ATO’s Business Viability Assessment Tool .
Tax Tip #2 – Record Keeping
Remaining mindful of your finances all year round is ideal, but the reality is we all get busy and keeping immaculate records is time consuming.
Now is a great time to switch to electronic record keeping, if you haven’t already. If you’re a bit old school and still like to keep paper records – make sure you are super organised.
There are many great products available to help keep your records protected and organised, from folders to files and specialised cabinets. Consider how much paperwork you have on hand, how much you’re likely to accrue during the next financial year and choose the most appropriate system for your needs. An organised office can make everything run more smoothly, not just tax time!
Tax Tip #3 – Be Deduction Savvy
Every year, changes are made to the items you can and cannot deduct and staying on top of these changes is the key to healthy tax savings.
Every year, changes are made to the items you can and cannot deduct and staying on top of these changes is the key to healthy tax savings.
Other than some interesting news for personal income tax cuts, the most significant announcement to come out of the recent budget is the increase to the instant asset write-off threshold from $25,000 to $30,000 until 30th June 2020, and that it has been expanded to include businesses with a revenue of up to $50m, opening it up for the first time to medium sized business.
Tax Tip #4 – Make Smart Purchases
Now is not the time to start flippantly spending your cash just for the deductions, but it is a great time to think about your business and its needs, and consider what purchases will be an asset.
What will increase productivity? Or reduce costs in the long run?
If your technology is getting a little old, take this opportunity to make some upgrades. There are great EOFY deals available and huge savings to be had, so now is the time to jump on it.
With a few smart moves and a little preparation, tax time doesn’t have to be a headache, and you may find you can actually save some money and improve the day to day running costs of your business.
Privacy Policy | Terms & Conditions