Tax Time? No Problem: Getting Prepped for EOFY
The end of each financial year (EOFY) can be a stressful time for some businesses. There is paperwork that needs to be done but with the right preparation this can be a (fairly) painless process.
Completing a few key steps before the 30 June cut off will help make life easier for the whole year, and guarantee that your business’s bottom line will continue to thrive.
Know What Your Business Can Claim
All business-related claims purchases or expenses need to have been made before June 30.
Purchases could include items such as new office equipment, repairs or replacement of existing assets, whilst expenses may involve insurance, utility costs and staff wages.
Transition to Digital
The ideal time to start digitising your business is at the start of the new financial year. Use an online tool to scan and upload all paperwork to ensure that every item is in one format and cannot be lost or damaged. Doing this each week or month will also help when you need complete any claims.
Beware the Tax Scam
It’s not uncommon for scammers to target small and medium-sized businesses around tax time. Different types of scams include receiving a call or email claiming you are eligible for a refund or to pay amounts due to prevent being liable for prosecution.
Some scams are easy to spot whilst others can be extremely convincing and aggressive, designed to scare you into acting quickly before checking credentials. It is important to never give out any personal or financial details. Never click on an attachment or link within an email that you don’t recognise.
Prep, Prep, and Prep Some More
Preparing early and staying prepared will take the stress out of surviving the EOFY. Complete tasks such as profit and loss, stocktakes and lodging your tax return. Having a well organised and secure filing system, ideally cloud based, will ensure you are ready.
If you would like to know more about how early EOFY prep can save your business, please CLICK HERE, or contact us for more information.