So here we are in the last month of the financial year! And what a year it has been!
A year that has challenged business owners in many ways and has made us all rethink the way we run our businesses!
With that in mind, what are the main strategies and factors you need to be looking at prior to 30th June?
How well have I planned out my cashflow? What were the highs and lows during the year and how can I improve on these?
Are my books up to date? Are all my bank accounts reconciled? Am I using a cloud based solution to make this task easier?
How has the year gone? What else could affect the profit showing in my Xero file? Have depreciation and interest been accounted for?
Have I contributed enough? Is it time to look at establishing a Self Managed Superannuation Fund?
Have I put processes in place to account for my stock/materials/work in progress on 30th June?
Prepayment of expenses
Are there any expenses I can pay in this year instead of next year and get a deduction for?
Did I reinvent and innovate during Covid-19? Should I continue these strategies in 2021?
Did the year go as well as I had hoped for? Have I prepared my 2021 budget? How did I go this year compared to what I had hoped for?
Immediate Tax Write Off
Is this the time to purchase an asset that I can get a full tax deduction for?
Have I accounted for all the stimulus package payments I received/receiving? Is my GST account all accurate and reconciled? FBT? Trustee Resolutions made by 30th June?
Have I reviewed this? Am I receiving a bonus this year?
By working with us, we can evaluate your current tax strategies, look at what is imperative for the success of your business and how you can take control of your finances.
Contact our office to arrange a time to discuss.