Getting ready for the end of the financial year doesn’t have to be that bad if you use the resources available to you. It does require some planning and organization on your part though. You need to get your finance records and payroll records in order. Make sure your SGCs are paid by June 30th for the tax deduction. Try to do your stocktake by June 30th but attempt to do it through the year to make it easier. Finally, look ahead, consider technologies you will need to use and begin to implement them.
Key Takeaways:
- You may not love the word “compliance” but demonstrating you’ve conformed with business laws is an important part of your responsibilities at the end of financial year
- If you have employees, you also have a responsibility to make sure your payroll is in order.
- You also need to ensure that any SGC (Super Guarantee Contributions) are paid by 30 June, so you can claim these as an income tax deduction in the same financial year
“Once you have all your EOFY information to hand, make sure you use it to your advantage. Look back on what you’ve achieved and think and plan for the year ahead”
Read more: https://insidesmallbusiness.com.au/planning-management/getting-your-finances-in-order-for-eofy
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