Our Top Five Tips to be ready for EOFY

Feels like 2018 only just started, right? But here we are with 30 June coming up fast. And that means mayhem for many small business owners to get their documentation in order for end of financial year obligations and opportunities.

Let us help. Every business is different and we’re happy to talk to you about setting the right priorities and making EOFY hassle-free. Here are our basic SMB Tips for Taxtime:

1. Start early. (Now is a good time.) The sooner you review all your financial data the better position you’ll be in throughout the year, not just 30 June.
2. Check your cashflow. Both your outgoings and incomings. Obviously check your last quarterly BAS and Super contributions along with related tax and financial expenses.  Also see where your customer contracts or invoices stand. Can you count on a regular income history? Or is it time to look at renewing terms or agreements?
3. Up to date with deductions? Your business related deductions can make a big difference to your bottom line at tax time.  This includes tax deductions as set out by the Australian Government who recently updated their info on depreciating assets for small business. We can answer specifics about your business.
4. Review employee documentation. Do you employ Full Time or Casuals? Has anyone changed their status? Do you pay weekly? Fortnightly? These things have an impact on EOFY. Also check employee contracts and award rates.
5. Business records in order? Your company documents like trust statements, inventory values, data policies, GST records and a whole heap of paperwork should be on file and up to date. We can share a checklist and help spot any gaps.

Did you know…?

• Employee Payment Summaries should be sent out by 14 July even if you were not required to withhold any tax.
• Software can synch up your everyday financial reporting with our services to organise and prioritise your needs. See our Support page.
• Budgeting is the #1 challenge for small business. Where do you start? We found this Review of Budgeting & Forecasting Tools to be quite helpful.
• Hiring an apprentice can entitle employers up to $4000 with this Australian Apprenticeship Incentive Program.

Circle these days on your calendar

8 May – Federal Budget Announcement. Follow us on Facebook for our reactions.
15 May – Deadline for 2017 Income Tax filing with an Accountant.  Contact us!
21 May – Fringe Benefit Tax lodgement due by paper, 28 May if lodging online.
1 June – 4 weeks to go! Plan the month carefully for all tax related activities.

Essentially Accounting offers extended hours

Until 30 June Deidre Jackson will be flexible with clients who need After Hours or Saturday time for help with tax lodgement. Visit our offices at 64 Bolong Road, Bomaderry. Talk to us to set something up or drop us a note to Contact Us.

Deidre Jackson, 4421 0336