News And Blog

End of Financial Year Approaching

It’s time to get your business affairs in order. With the end of the financial year fast approaching we highly recommend a pre-tax meeting with your accountant to ensure you utilise your tax position prior to the end of the year.

Some of the yearly tasks you need to do as a small business owner may include:

  • a summary of income and expenses in a profit and loss statement
  • conducting a stocktake – learn about stocktakes and assets
  • summaries of your record of debtors and creditors
  • collating records of asset purchases or expenditure on improvements (to calculate depreciation expense claims your accountant should help with this.
  • completing and lodging your income tax returns
  • lodging yearly reports or returns for:
    • pay as you go (PAYG) withholding including finalising income statements
    • goods and services tax (GST)
  • meeting superannuation obligations for all employees of the business.

It’s important prior to the end of the financial year you optimise your tax benefits by spending money on expenses such as stock, fit-out and consumables this will ensure your profit is reduced. Some injectors may want to look at self-managed super funds (SMSF) to optimise super contributions which can be up to ($25k pa at a low tax bracket), speak to your accountant to see if this is a worthwlile or viable option for your company.