Is your Small Business ready for EOFY?
Does end of financial year make you groan? What do you need to do to get ready for the New Year? As a Small Business Owner you need to prepare for your Tax Returns and plan for the year ahead. It’s a great time to review what your business achieved in the last 12 months, and look to the future. Here’s my simple guide to assist you through this time of the year. 1. Get your bookkeeping or record keeping up to date. This might be a good time to health check your record keeping method. Did it work for you? Does it make your life easier? If you answered no to either of those, contact me to have a chat. 2. Meet your Employer obligations. Process the last pay run, and prepare your employees PAYG Payment Summaries. You must lodge these with the ATO by 14th July. 3. Make any Superannuation contributions. You must make Super contributions for your employees by the quarterly due date, for April to June quarter it is due by 28th July. 4. Prepare for your Tax Return. If you are unsure what to provide your Accountant, see my checklist. 5. Review your Profit & Loss. Chat with your accountant about the business performance. Discuss what goals you want to achieve in the next 12 months and how your accountant can help you. 6. Back up your information. This is the most important step and should be done regularly. By reminding yourself to do at EOFY you can help prevent a disaster. Also be aware of Tax Scams during this time of the year. People will target Small Business Owners and try to use new tricks. If you aren’t sure it’s legitimate check with a Tax Agent. As a passionate Small Business Owner myself I understand how important it is to prepare for the new financial year. If you would like to discuss how I can help you achieve your business goals contact me.