Can you believe April is here already?!
It’s almost that time of the year to start chatting to your tax professional about tax planning for the upcoming financial year before it is too late.
Here are my top tips to help you start planning for the End of Financial Year:
Reach out to your tax professional
I’ve already touched on this, but I cannot stress enough how important it is to get in touch with your bookkeeper or accountant. This key step is essential to do sooner rather than later, as EOFY is a crazy time for tax professionals.
Know your tax deductions
Knowing your tax deductions means knowing your business expenses, i.e., the money you spend within/for your business that is directly related to earning an assessable income. Remember that you must have records to prove the expenses you claim as a tax deduction.
TIP: If you have to warrant a business expense to your bookkeeper or accountant, it’s most likely not legit!
Ensure your tax agent is registered
In February 2010, the Tax Practitioners Board (TPB) regulated the industry for the first time in history. This is great news for business owners, because the regulation means that anyone doing your books should be qualified, certified, registered, and appropriately insured.
You can check if your tax agent is registered by checking the TBP register here.
Simplify your books
If the hours spent on your books feel never-ending, it may be time to invest in online accounting software. My personal favourite is Xero and I believe it is the best product on the market; its user-friendly interface, integrations, and groundbreaking features are all offered for a relatable price point!
Make note of due dates
Knowing your due dates can mean the difference between EOFY success and receiving a penalty from the ATO. Planning is key to ensuring you meet your tax obligations and requirements. All it requires is a few minutes out of your day to make note of due dates in your calendar (and taking action, of course!). Trust me, you’ll be thanking yourself later.
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Looking for more tips on how to plan for the EOFY? Check out my previous blog here!
And if tax time isn’t your thing, our team are here to help. Contact IM Business Solutions should you need any advice or support for your business.
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