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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?