Already a third of the way through June, the end of the financial year will have come and gone in no time.
If you are a small business owner there are some essential tasks that you should complete. The Business.gov.au website has put together the following list:
- Record keeping and compliance – please ensure that you are meeting all your obligations in this area.
- Find out what tax deductions you can claim – along with the usual items the recent budget has proposed further benefits you may be eligible for.
- Use a registered tax agent – you are not covered if you use an unregistered agent.
- Keep up to date with tax changes starting next financial year – there are a range of measures and changes int he Small Business and Jobs Package that you should make yourself aware of.
- Be wary of tax refund scams – unfortunately there are people out there attempting to take advantage of people just like you, don’t allow it to be you.
- Review your finances – whether that be tax planning for this financial year, or reviewing what worked well or needs to be changed for next year, it is important to sit down, preferably with your accountant, to take stock.
- Review and update your marketing plans – having a plan will help your success in the coming year.
- Review your business structure – as time goes on the way your business is set up should be reviewed to ensure it is in an optimal structure.
- Review your insurances – an important area that should be reviewed regularly, for both your business and also for yourself personally.
- Backup and secure your files – I hope you are backing up your computers very regularly, and it is important to take those backups off site. Another important point is to run a practice restore of files to ensure the process is all working as it should.
If there are any questions you would like me to answer please don’t hesitate to contact me
P: 03 5559 7111