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EOFY financial health

Between wages, unpredictable income and keeping invoices in order, financial stress can be a concern for small business owners all year round. However, this stress can peak during end-of-financial-year preparations with the added pressures of lodging a tax return.

Mark Jennings, bookkeeper and owner of Business Books South West, has provided Ahead for Business with some valuable tips to help make the end of the financial year less stressful on small business owners:

  1. Ensure all your processes and records are in order. Knowing everything is correct now makes it much easier for everyone involved, as you won’t need to fix anything in a rush.
  2. Know your deadlines with the Australian Tax Office – your payroll finalisation is due on the 14th of July, BAS on the 28th of July (or later, depending on your circumstances). Keep the deadlines in mind so that you can plan to get the compliance done in time.
  3. Write off any invoices for income that you don’t think you will get paid for, and also write off any amounts in your purchases that you won’t be paying.
  4. Get your systems set up for the new financial year as soon as possible, so you can start the new year correctly while still sorting out the old one.
  5. Go easy on yourself – running a small business is hard work and end-of-financial-year obligations add extra tasks and challenges. Make sure you are balancing your work with adequate time for the things you enjoy.

Tax time is often a reminder to small business owners to look after their financial health all year round to help ease the peak stress. Business.gov.au has prepared some steps and resources to help with this and ensure a smooth end of financial year every year.

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