The countdown to the end of the financial year 2024 is on and it’s crunch time for small business owners. But just completing the necessary EOFY tasks is not enough if you want a strong leap into the next year.
From preparing your profit and loss statement to meeting superannuation requirements, there is a multitude of important tasks that need to be ticked off every year. Keep on top of these due dates and have your business running smoothly by tracking upcoming deadlines on the ATO app or on the ATO website.
Did you know website costs, travel expenses, and even home office setups can be deductions? You can claim deductions for most business expenses, as long as they directly relate to earning your income.
But you must have records to prove the expenses that you claim as business deductions. If you’re a sole trader, you can use the ATO app’s myDeductions tool to record your business income and expenses during the year.
Small businesses also have access to a range of additional tax concessions. For example, if you’re paying for your employees’ external training you could be eligible to claim the skills and training boost.
Peace of mind matters. Ensure your tax agent is registered with the Tax Practitioners Board (TPB) for expert guidance.
There is no protection for taxpayers who use unregistered tax or Business Activity Statement (BAS) agents.
Tax rules change! Some of the latest tax changes in the tax world include:
EOFY is a great time to analyze your finances with your accountant or bookkeeper. Did you hit your targets? Can you optimize for next year?
Feel free to contact Tailored Accounts if you’d like our help with this process.
Be alert! Experts warn that cyber criminals will ramp up their tax scam activity by 400% during the end of financial year with small and medium businesses most at risk.
Here’s how they trick you:
Stay Safe:
Don’t be a victim! Stay vigilant and protect your business.
Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help:
Here are some business plan and marketing plan templates.
As your business grows and expands, you may decide to change your business structure or restructure your business. Compliance and taxation regulations differ depending on your business structure.
Contact Tailored Accounts if you have anything you’d like to clarify.
If your circumstances change, you may need to update your coverage. Read the product disclosure statements (PDS) for your insurance policies carefully. Don’t assume.
Learn how to make sure your business has the right insurance here.
It’s a chance to streamline your operations, save money, and position yourself for an amazing year ahead. Let’s make it count!
Every year, the federal budget brings a mix of financial cheers and groans, and this year is no different. We’ve sifted through all the fancy talk to bring you the key points that matter to you.
From Electricity Bills to Healthcare and Parental Leave, here are the key highlights tailored for you.
Tax time can be stressful, but it doesn’t have to be!
Each year, the ATO focuses on certain areas where mistakes are commonly made. By understanding these areas, you can avoid any unnecessary hassle and ensure you’re paying the right amount of tax.
Every year, as the financial year draws to a close, a familiar scene unfolds across accounting offices. Desks are piled high, brows are furrowed, and the air crackles with a frantic energy.
But what exactly is EOFY, and why does it send accountants into overdrive?
