Well, it's here. The end of the financial year. Happy New Year?? Generally this seems to just make people think of all of the things they need to do and to worry about how much tax they will have to pay! The best thing to do before June 30 is BE ORGANISED.
Do things like: have all accounts reconciled as close as possible to 30 June so that you aren't reconciling 6 months worth of transactions before you can give it to your Accountant. Also, try and make sure you have little things like employees addresses and other details up to date to make preparation of PAYG Instalment Certificates easier.
You could also think about when to pay your expenses - should they be paid before 30 June to ensure they can be claimed as a deduction this year (which will help to reduce this year's income and therefore tax bill) or do you want to put them off until next year? Or should you defer receiving some of your income which would have the same effect?
Also, be aware of key dates such as when Superannuation payments must be paid by, when your quarterly or annual BAS is due and when your tax returns are due.
If you are worried about your tax bill it might be possible to ask your Accountant if your Tax Returns can be prepared a bit earlier and lodged as late as possible to give you a chance to prepare for the bill and avoid causing cashflow problems.
Hopefully the week will go smoothly for everyone. Of course, if you have any concerns be sure to give Samantha or I a call.
Leesa
No comments:
Post a Comment