Three areas to focus on your business ahead of EOFY
Three areas to focus on your business ahead of EOFY
The end of financial year is just around the corner which means business owners are preparing for tax time. Completing bookkeeping, tax returns, and planning for the new financial year ensures that your business is organised and ready for the year ahead.
Find below three main areas you should focus on as you prepare for the EOFY.
Make sure your bookkeeping is up to date:
It is crucial that you make sure you have all receipts and invoices so that when the end of financial year comes along your business will be efficient and organised.
These receipts may include:
- Sales records
- Invoices
- Credit card and bank statements
- Purchase expense records
- Receipts
- Motor vehicle records
Tax deductions you can claim
You may be able to claim deductions for your business expenses if they relate directly to your income earning. The expenses must have been for your business, not for private use, and have records to support what you claim.
Businesses may be able to claim deductions for the following:
- Machinery, tools, or computers
- Business travel expenses
- Motor vehicle expenses
- Repairs, maintenance, and replacement expenses
- Home-based business
You must be able to prove the expenses that you wish to claim as business deductions.
Plan for the following financial year
It is important to review your business structure as your business continues to grow and expand. Take the time to review your business plan and make changes that will benefit your business moving into the next financial year. Assess what is working and what is not working and make changes accordingly.
Reflect on goals and responsibilities, highlight any mistakes or processes that could have been handled better. Look at what opportunities might come your way and plan for them to grow your business. Prioritise what is important and manage time so that you and your employees work smarter.
Most importantly don’t leave everything to the last minute, the process will be a lot smoother and efficient.
These tax tips may give your business a financial advantage come the end of the financial year. If your business is looking for other opportunities to maximise their profitability, whether it’s through equipment financing, capital raising, or restructuring your current loans, Morris can help.
Simply call 1300 4 MORRIS and speak to one of our finance specialists to see what we can do for you.
