With June 30 fast approaching now is the time to start preparing for end of financial year.
If you’re not sure where to start, keep reading for your guide to setting your budget and streamlining the tax process this financial year.
Start preparing your budget forecast for 2019/20
If you haven’t already, preparing a budget for the next financial year is super important. Not only does it give your business clear direction and forecast, it will also ensure everyone in the business is on the same page.
Review asset purchases
In the 2019/20 Australian annual budget, the instant asset write off was increased to $30,000 and now includes businesses with a turnover from $10million to under $50million. Review your potential asset purchases and see if these changes affect you for next financial year. Read more about asset write off here.
Check your systems to streamline the tax process
As we enter a new financial year, it’s the perfect time to introduce new streamlined systems to save you time and money in the long run. Go paperless this tax year with accounting software such as Xero and receipt management systems such as ReceiptBank.
Don’t forget to pay superannuation before June 30!
In order to claim super payments, you make for employees, in the financial year you make them, you must ensure super funds receive payment before June 30. Missed payments may result in a super guarantee charge, which is not tax deductible.
Prepare your employee payment summaries
Check out our handy infographic for preparing employee payment summaries with Xero here.
Last but not least, Set goals
After reviewing your finances, you can clearly visualise your goals for the following year. Setting short and long term goals not only keeps you and your employees motivated, but allows you to make strategic decisions for the future.
Need help with tax lodgements and streamlined technology for your business?
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