I hope you find my writing and business tips and observations useful. My business and blog are dedicated to helping businesses communicate clearly and reach their potential.
Read, subscribe to my newsletter, enjoy!Tash
End of financial year
It’s getting very close to 30 June, but there’s still time to prepare your finances for it. Some things I have been thinking about (and doing in some instances) are
- to get a tax deduction as a self -employed person, you need to make a personal contribution and submit a Deduction for personal super contributions form to your Fund
- the super co-contribution only applies if you make a personal contribution by 30 June (and meet certain criteria like income levels)
- the small business 50% tax break has been legislated, but it doesn’t run out til Dec 2009 so purchases don’t have to be made this week
- individual tax rates are reducing from 1 July so increasing your deductions this year may decrease your tax more than making the same deductions next year
- sending out invoices now rather than after 1 July may affect your income levels (depending on how your accounts are set up) and may help your customers with their tax preparation and budgeting
- organising your invoices and receipts now could mean getting your tax return done sooner, which is great if you’re getting a refund!
How much do you do to prepare for the end/start of financial years? Is this when you do budgets and analysis or do you base that on the calendar year instead?
Leave a Reply