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Essential Tasks at the End of the Financial Year

By: Louise Mosqueda0 comments

Getting ahead of your finances before your group certificate arrives is essential, but there are other things you can do to help make your end of the financial year go a lot smoother. It’s all about knowing what you should have, and what you should do to ensure that there are zero problems once the deadline comes and goes.

Essential Tasks You Need to Do

For small businesses, the end of the financial year is a critical time, as they wrap up their bookkeeping and other paperwork. It is also at this time where you should consider your plans and set up goals for yourself and your business for the start of the new financial year. But before you can do that, here are a few essential tasks to take care of during the end of the financial year:

Record Keeping and Compliance

As a small business owner, the government will expect you to take care of some tasks. That includes a summary of your income and expenses in a profit and loss statement, conducting a stocktake, as well as your records with debtors and collectors.

Find Out What Tax Deductions You Can Claim

Deductions can help you, and your business remains standing. That is why it is essential to take the time to do your homework and find out what deductions you can claim. There are a variety of deductions for small businesses especially if they have set up a website, operates from home, and use machinery, tools or computers. It’s all a matter of finding out what your business can claim. Tradies can also do this when it’s time for them to do their taxes.

Seek the Help of a Tax Agent

Unsure about what you are doing? Seek the help of a professional. Tax agents can help you determine what else you can claim as a deduction and help you iron out everything before the deadline.

Take note that these professionals will require a fee, and it is also essential to make sure that the agent is registered with the Tax Practitioners Board, as you will be taking a risk by talking to an unregistered agent.

Stay Updated on Tax Changes

Laws can change without you knowing, so it is essential to make sure that starting with the next financial year, you will stay updated with any new rules and new deductions that will come into effect. That way, you don’t miss out, and you always make sure that you are on top of your taxes and more. Luckily, tax agents can help you with any changes that may occur within the next financial year.

Watch Out for Tax Refund Scams

A lot of scammers come out around this time of year and target small businesses. Some of the most common scams include scammers telling you that you overpaid your taxes, and are eligible for a refund. But you need to pay admin and transfer fees to get it.

Another version is where scammers will contact you and inform you of taxes you need to pay and ask for your debit or credit card details, or even ask you to transfer the money to settle the balance.

So, always be careful when dealing with folks around this time as they could be preying on you and your money.

If you want to know more about how you can take care of your other financial duties, the Australian Government website has resources that can help you make the right decisions for your finances.

Once everything is said and done, and you got a tax return in the process, why not use that money to get yourself a new vehicle with the help of Alpha Finance. Get in touch with us, and we can help you create a payment plan to suit your needs and your income.

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