As we approach the end of the tax year, it is important to become adjusted with any new taxation changes coming about from various factors, especially COVID19. This will help to maximise your tax efficiency for the outgoing tax year and get your business ready for the new tax year.
Small business owners need to start planning their tax strategies to get ready. With the right planning you can decrease your small business tax bill by timing your income and expenses.
Here’s how to prepare for the EOFY to get your business ready for the year ahead.
- Check the record keepings and other tasks you need to complete
- Figure out what tax deductions and concessions you can claim
- Check whether your tax agent is registered
- Stay updated with tax changes
- Beware of tax refund scams
- Review your finances
- Review your business and marketing strategies
- Review your business structure
- Check your business insurances
- Backup and secure your files for extra safety
When you run a business, you want to maximise income and keep your expenses as low as possible. Below are some tips to take advantage of your accounts before the End of Financial Year tax crunch:
- Prepare your expenses in order
- Round up those overdue invoices to make your business year end as accurate as possible.
- Collect all your paperwork to ensure that you have records of everything.
- Check the deadlines and stay up-to-date so that you are not charged a penalty for missing out the deadline.
Contact SMG Accounting to have us take care of all your accounts before the End of Financial Year tax crunch so that you can enjoy the benefits and relax!!