As the end of the financial year draws ever closer, it can be a stressful time for business owners, especially given the last 12 months have had their fair share of ups and downs. However, there is no better time than now to look optimistically to the future, and here’s how you can hit June 30th with some needed momentum:
Tidy Up Loose Ends
We’re all guilty of putting bookkeeping to one side now and then, so you’ll likely have some unfinished work in this area. Now is the time to get all your receipts/invoices and books upto date to ensure your data for the past year is reliable and accurate. A clear overview of your finances over the last twelve months is vital to boost your business into the new financial year with a sense of direction and purpose.
Make Sure Your Up To Date With New Legislation
There are often a ton of changes when it comes to legislation when the new financial year rolls around. The minimum wage increase is one of the most crucial changes to be aware of, with a rise of 5.75% starting on July 1st 2023. The superannuation guarantee % on wages is changing, lifting from 10.5% to 11% on 1 July 2023, which means if you employ people, it’s time to adjust how much you put away for each pay run.
Understanding these financial changes ensures you can prepare your business’s budget for the upcoming financial year and remain compliant.
Stock Take
If you run a product based business, a stock take is a must in June (prior to 30 June). While this may not be a fun process, there are benefits of this process. This process can help you make informed decisions about next year and the direction you want to go when it comes to stock that sold, versus stock that lasted a bit longer than expected thus providing greater insight.
Know Your Deductions
While many expenses are tax deductible or a write off, unfortunately not every expense is. Connecting with your accountant as the financial year draws to a close can be an excellent way to ensure you’ve claimed all the correct expenses to avoid any issues with the ATO.
Working from Home
Please remember there are changes when it comes to work from home this year. You will need to make sure you have adequate records to prove your work from home hours. The revised fixed rate is now $0.67/hour. Use timesheets, diary entries, and other proof of working from home to ensure you’ve covered your back!
Do You Need Support With Bookkeeping? We Can Help
If you’re anticipating a busy year ahead, it’s best to get on top of your finances sooner rather than later. Contact Glance Consultants today.
