3 Must Have Tax Tips – Open Before 30 June
The end of the financial year is rapidly approaching. It is time to take some action and get prepared for another financial New Year’s Eve. It may not be as big an event as the New Year’s Eve of 31 December each year but it does require just as much planning to come out on top.
Here’s 3 tips to help you get through this end of financial year with ease.
Tip #1 Increase Your Cashflow
Pay expenses prior to 30 June if are you on a cash basis for GST reporting. If you are on an accruals basis for GST reporting, you only need to have received the invoice for the expenses to make your claim in the June quarters BAS return. By adhering to these deadlines you will get the GST back three months’ sooner to assist with other business cashflow needs.
Tip #2 Review, Collect and Start Fresh
Review your accounts receivable and see if any of the amounts your accounts are showing as owing to you are actually not collectable. If they are not collectible, ask your bookkeeper to write those off. Better still, if you think there is a chance that you can collect that money from your customers make that phone call to try to collect it, or alternatively engage a professional debt collector. The receivables left on your aged receivables report at 30 June should reflect what is currently owing to your business.
Tip #3 Move Your Bookkeeping Into The 21st Century
Is your bookkeeping up to date? In an ideal world your accounts would be up to date on a daily basis but I can say that even mine are not updated that regularly! With real-time accounting solutions now available, the shoebox method belongs in the museum. If your books are not up to date get a bookkeeper in today to get them into shape so you are in a position to move forward into the new financial year being able to ascertain the financial position of your business at any given time.
These are 3 simple tips to get you through the Financial New Year’s Eve and into the new financial year with ease. If you would like further information on any of this please give our office a call on (07) 3355 6427.
