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It is never too early to start preparing for the end of the financial year. It might only be April, but getting to grips with your business's finances can make it a lot easier for you to meet your tax obligations when June 30 arrives.
Here are some tips on how to be prepared for the end of the financial year:
Take advantage of write-offs, rebates and deductions
There are a range of write-offs, rebates and deductions that your business might be eligible to apply for.
Canberra-based accounting and financial planning firm Beames & Associates recommends finding out exactly what your company might be eligible for in order to lower your tax burden.
These concessions can include asset depreciation and deductions for equipment. In some instances, immediate deductions can be made for loan prepayments by businesses. However, there are some requirements, such as the loan service period being less than one year.
Know what you have to pay
According to MYOB, some types of tax obligations must actually be paid by June 30. This is true of your superannuation payments for your employees. Make sure you have details of each employee's super account so there is no delay in payments
It may even be worth looking into some form of payroll financing to ensure that you and your employees will not have to worry about lost income during the time of year when cashflow can be a bit stretched.
Get everything in on time
This may seem obvious but it is all too easy to leave everything to the last minute when it comes to getting all your financial information to your accountant or tax agent. Remember you are not the only one trying to get their financial statements done.
Allianz recommends that the sooner you speak to your accountant, the better. It's best not to leave the appointment with your accountant until the last minute when their time is most valuable. Allianz also points out that you should allow banking systems up to three working days for funds transfers. As June 30 falls on a Tuesday this year, you should have everything done the week before.
Consider invoice financing
If you don't have time to be chasing up clients on overdue invoices, using the services of a cashflow financing company can get you the money you need to pay your obligation within five working days.
This helps take care of the hassle of running a business without spending all your time reminding clients to pay their bills. This can be done by professionals, leaving you to worry about getting the books in order before the end of June.