Business Money - Winter 2024

It's almost the end of the financial year - how can I make the most of my return and avoid overwhelm?

The end of the financial year (EOFY) can be like finding your way through a maze without a map! Here are my tips to help your breeze through tax time and maximise your return.

Get organised

It’s never too late to put good financial systems and processes in place. Start by using a single business-only bank account to manage your income and expenses.  Cloud accounting software is a game-changer! It will save you time and money and help deal with EOFY chaos - it’s also a potential tax deduction. Create processes for invoicing, paying bills and processing the payroll - try a Money Monday or Finance Friday and spend an hour each week focused on the finances.

Call in the experts

Business numbers can be complicated, so don’t hesitate to call in the experts when you need advice.

Know the rules

Whether you’re working with an expert or DIY your numbers, you need to understand your obligations and deadlines. Ignorance isn’t bliss when it comes to taxes so get on the front-foot.

Maximise your return

Don’t be tempted to cut ’n’ paste last year's deductions, take a fresh look at what you can and can’t claim.

If you need a cash flow injection consider chasing up those slow paying clients or send out invoices with a pre-30 June deadline.

In retail? Do a stocktake - the cost of damaged or stolen stock should be considered in your return. Liquidate slow-moving stock.

Got spare cash? Buy those much-needed assets or pre-pay some expenses. Create an asset register and make it easy to calculate depreciation.

Make a donation.

Pay your super by mid-June - it needs to reach your fund before 30 June to count as a deduction this financial year. If you run a payroll, it should be finalised by mid-July.

Lodge on time - 31 October if you’re lodging yourself. If you use an accountant, an extension may be possible.

Remember, it’s the little things done consistently that lead to BIG wins!

Justine McLean is a business money expert, financial educator and registered BAS agent.

Business Money Magnet, our signature program is open 24/7 - 365 - when you need help with your business money, you need it now.

Find it at justinemclean.com