While many of the things I’m about to mention should be on your radar throughout the year, the end of the financial year is often an opportune time to review these items.
I especially encourage those of you who are new in business to take note of the following, and I wish you well with your first EOFY!
Today’s hot tips for business are:
- Make sure your records are up to date and all of your Business Activity Statements (BAS) and Instalment Activity Statements (IAS) have been lodged
- Ensure you can locate all of your paperwork to claim a tax deduction, you might also want to revisit our previous posts regarding deductions here and here
- If you haven’t already, engage the services of a Registered Tax Agent (yes, The Tax Chic is a Registered Tax Agent!)
- Be wary of scams…the Australian Taxation Office (ATO) and banks will never ask for personal information in an e-mail, so please take care!
- Check your finances – review the terms of your overdraft and loans to ensure they still meet your needs
Stay tuned for more hot tips for business at EOFY later in the week!