The countdown is on before we wrap up the FY23/24 this Sunday. So for all our small business owners, these are our top tax recommendations for the final week before EOFY.
Get ready to wrap up the financial year smoothly!
1. Prepay Expenses: Prepay some expenses (like rent or insurance) to claim a deduction this year.
2. Update Asset Register: Ensure your asset register is up-to-date and dispose of any obsolete assets.
3. Employee Bonuses: Pay any employee bonuses to claim a deduction this financial year.
4. Reconcile Bank Accounts: Make sure your bank accounts are reconciled and all transactions are recorded.
5. Review Payroll: Verify that all payroll obligations, including superannuation and PAYG withholding, are met.
6. Organise Receipts & Invoices: Ensure all your financial records are up-to-date and accurate.
7. Review Deductions: Double-check for any potential deductions you can claim.
8. Top Up Superannuation: Consider making additional super contributions to boost your savings and reduce taxable income.
9. Write Off Bad Debts: Identify and write off any uncollectable debts to reduce your taxable income.
10. Stocktake: Conduct a stocktake to accurately value your inventory.
