It’s almost end of financial year or EOFY. That time of year when the TV ads start telling us to get Foxtel, switch Private Health Insurance, and buy a new Holden. What you really should be doing is running a health check on your business, to make sure you are prepared for EOFY. Here’s a few simple things you can do for EOFY:
1. Superannuation Guarantee – Have you been meeting all your SG requirements? Have you paid your employees super contributions in time, and in line with what they are entitled to?
2. $20,000 deduction – have you purchased any assets under the $20,000 cap to maximize on this deduction before 30 June?
3. Stock-take – EOFY is the perfect time to do a stock-take on inventory to make sure all is accounted for, and is not obsolete.
4. Bad Debts – do you need to declare some bad debts this year? Or could you review your collection process to ensure bad debts is not a problem next year?
5. Get organised – have you filed all your paperwork appropriately, systematically for review?
6. Do a Backup – EOFY is a great time to organise a system backup and avoid data loss issues.
7. Beware of Scams – EOFY is a great time for scammers. Be careful who you provide information to, and the potential for fraud. If you aren’t sure about anything check with your tax and or IT nerd. Every business is different and it’s good to discuss these things with your professional. If you need a trusted professional who can speak in simple terms, get in touch today.