The new financial year is just around the corner! So what should you be doing to prepare for the end of the 2019 financial year?
See below for our top 7 tips:
1. Complete a stock take. If you carry more than $10,000 of stock, we need to know the amount of stock you have on hand as at 31 March 2019. Check obsolete stock. There may be an opportunity to write off some of this off as well — check with us on what could be done in this area.
2. Staff expenses: If you owe employees holiday pay, bonuses, long service leave or redundancy payments, you can claim for these now — as long as they are paid within 63 days of the balance date.
3. Look at your fixed assets register: Are there any assets showing that you no longer have, or are any assets no longer usable? We can advise on the best treatment for these assets.
4. Income boost: Earnt a lot more this year? Consider making a voluntary provisional tax payment.
5. Logging car use? Remember to jot down your odometer reading at year-end and if you’ve kept a logbook of business and personal use, mileage and costs, good work!
6. Home office: It’s also a good time to review what home office expenses may be available for deduction, especially your home office. We can help with calculating this.
7. Write off any invoices that you can't recover. If you do this prior to 31 March, the deduction will be available in the 2019 year providing you have made reasonable attempts to collect the debt.