End of financial year is fast approaching, and now is an ideal time to get organised ahead of the busy tax season. Your business can avoid any unnecessary stress or setbacks this EOFY by being prepared in advance by following a few simple steps.
1/ Review your financial statements
Get started on your preparation for tax season by reviewing your business’s financial statements. This should include profit and loss statements, cash flow statements and balance sheet. While preparing for tax season, you will gain valuable insights into the financial health of your company and may arm you with some questions or concerns to bring to your local business accountant.
2/ Organise your documentation
All business owners know that tax time means sorting through a lot of paperwork from the financial year prior. This process can be streamlined and much less painful when organised in advance, so make sure to collect and prepare documents such as:
- Receipts
- Invoices
- Expense reports
- Bank statements
3/ Maximise your tax deductions
Now is the perfect time to consider what tax deductions you may be able to take advantage of for your business. Whether you are due for a large business purchase such as a new vehicle, or need an office stationery restock, right before EOFY is a great time to go shopping. Just make sure you keep your receipts!
4/ Check your compliancy
As a business owner, you need to abide by certain tax laws and employment regulations, amongst other guidelines that govern how businesses in Australia must be managed. It is advisable to address any compliancy issues within your business prior to EOFY to avoid any fines or penalties.
5/ Seek expert advice
End of financial year can feel especially busy for business owners. Getting advice and assistance from your business account can reduce your workload at tax time.
Geelong accountants taking new clients this tax season
At LBW, we firmly believe that enlisting the expertise of a business accountant in Geelong is essential for ensuring the enduring success of any business.
We understand that navigating the complexities of business taxes can be both daunting and time-consuming, likely not the primary reason you ventured into business in the first place. Fortunately, you can rely on LBW as your trusted accounting partner to provide guidance and support!
Our Geelong accountants will help get your business sorted this EOFY. Don’t delay, seek the accounting support and guidance you need before it’s too late. Get in touch with our local Geelong accountants for a stress-free tax season.
