Our Top Tips for Preparing Your Practice for the End of Financial Year
1. Find out what tax deductions you are entitled to claim
There are many obvious expenses that businesses and individuals can claim, and some less obvious, which is why it is important to understand your business and what can and can’t be claimed at tax time.
2. Set your budget for the next financial year
Did you achieve revenue targets in the previous year?
Did you stick to and monitor last year’s budget?
Can you accurately forecast revenue for the next financial year? What sort of growth are you planning for? How will you achieve this?
Do you know where all your cash goes? How do you go each fortnight or month paying the bills?
3. Review both personal and practice insurance policies
Have your circumstances changed, and should your insurance policies change to reflect this?
Ensure you have adequate cover by getting the right advice.
4. Review your business structure
If you have experienced business growth or downsized, it may pay to review how your business is structured as this could affect your ability to grow and your tax obligations.
5. Ensure all receipts and expenses are in one place and easy to keep track of.
Try to keep a record of all asset purchases and expenses for the year to ensure you can claim all your deductions.
6. Do a stocktake of all stock on hand
Knowing how much inventory you have on hand can save time and money in ordering and reduce wastage.
7. Plan for the year ahead!
Understand any tax and business changes for the following tax year to ensure you’re on top of any opportunities.
8. Always ensure you use a specialist to ensure you receive the best advice and avoid any unnecessary risks.
End of financial year can seem like a daunting time, which is why we are here to help. If you would like to discuss any of these points or anything else, please get in touch with Mitchell on 08 9466 8478 or Mitchell@affluenceca.com.au