1. Make an appointment
Book in time with your accountant or tax agent to prepare your staff payment summaries and start work on your tax return early. Payment summaries must be issued by 14 July to be compliant. Now is the time to have an honest conversation about the next 12 months and make a plan for your business for the coming year. Though 13 million tax returns are lodged each year, just 3 million are self-lodged, meaning the vast majority of people use an accountant.
2. Review all of your subscriptions and direct debits
Is your business paying for services and software that you don’t use? Now is the time to review your budget and protect your income by culling unnecessary expenditure. Take stock and review what costs you need and what you can cut or get a better deal on.
3. Talk to your advisor about the small business write-off
You can deduct up to $20,000 from your business income if you purchase plant and equipment and use or install it ready for use before June 30, making it easier to grow your business with new equipment.
4. Get your house in order
The average Australian has seven bank accounts and credit cards altogether. If your business has leftover unused accounts, loans or credit facilities, sort it all out before 30 June — and don’t forget to connect your Xero bank feeds to all of your accounts.
If you feel overwhelmed, a bookkeeper is a great help you get the paperwork together.
5. Review your superannuation
Make sure you pay your superannuation before 30 June so you can claim it as a deduction.
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