Get organised for EOFY

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May 27, 2018

Tax time is fast approaching, but the good news is you still have time to get organised, reduce your tax burden, and make sure you’ve met your compliance obligations.

Instead of just a time-consuming mountain of scary paperwork, EOFY is a great chance to set you up for next year’s success.

While it might be tempting to do everything yourself to save a bit of cash, don’t leave yourself rummaging through scrunched invoices and receipts and drowning in a sea of numbers.

A trusted financial advisor is worth the investment, as they can spot opportunities you might miss, identify your entitled deductions, and offer insights into your business that you might not have considered.

Engaging a professional advisor will help you through some of the more complex processes, like making sure you’re complying with all the rules and regulations.

Business owners working proactively with an accountant can mean the difference between tax savings, financials prepared in the best light for shareholders, and staff wages and payment summaries that are issued accurately and efficiently – versus last minute panic!

Once you’ve got a trusted advisor working with you, we’ve compiled a handy set of tips for getting set up for next year’s success, and a tax time checklist:

Tips

  • Prepay expenses
  • Check your trust obligations
  • Buy deductible items sooner rather than later
  • Get your records in order
  • Consider any capital gains benefits
  • Set goals for 2018/2019

Checklist:

  • Make sure you have all your receipts
  • Prepare ATO taxable payments reports and submit to the ATO by 28 August
  • PAYG payment summaries provided to employees by 16 July
  • Do a stock-take
  • Collate paperwork for your 2018 tax
  • Prepare your 2018/2019 expense budget
  • Prepare your 2018/2019 sales budget
  • Reconcile GST accounts

Don’t be put off by all the bullet points! Working with an experienced advisor means you can check it all off without sacrificing your time, so you can get on with running your business.

Make an appointment with one of our Tax Advisors today.

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