For those of you who are super organised the end of financial year is not a problem. You will be ready to handover your spreadsheets to your accountant in the first week of July and hopefully await a tax return. If you have been looking after your budgets the whole year through, tax time should not come with any surprises. Unless you have planned your tax as a means of forced savings, then you should not be receiving a large return, nor should you expect a large bill! Paying tax is a good thing – it basically means you are making money. The ATO wants you to pay the tax you owe but they certainly don’t expect you to pay more than you owe. Make sure you, and your accountant, are up to date with relevant deductions. If you have cash in the bank and you NEED to purchase something for your business, before the end of June might be the time to do it. However any item should be evaluated in terms of the value it will bring to your business. Don’t fall into the trap of thinking a deduction saves you money! If you are one of the many business owners who are not organised, block some time in your diary for this next week to get on top of your record keeping and your budgets. Make a new financial year resolution to be more organised. The more organised you are with your administration, the more time you can spend making sales!
