Y is for Year End

YIt simply wouldn’t be an accounting and taxation blog without a reference to the “year end”…

In Australia, for most of us, the year end or end of financial year is 30th June…and it’s only two months away!

It’s celebrated by Accountants across the country, representing the end of the year that was and the beginning of the year to come, a chance to roll over the workload and take a deep breath before starting all over again…plus it’s the one night of the year you’ll find us all out and about on the town!

On a more serious note though, as a taxpayer, now is the time to start planning…there are many things you can do before 30th June to ease your taxation burden.

If you’ve had multiple jobs during the year, make a note of them so you can keep track of your PAYG Payment Summaries when you receive them.

Both business and individual taxpayers can look at making allowable expense payments to ensure any available deductions fall in the current financial year.

And to those of you paying superannuation…please…please make sure your contributions are received by your superannuation fund BEFORE 30th June (did I emphasise that one enough?)!

Just beware, that while 30th June, 2014 falls on a Monday…the weekend will slow down the processing of payments, so get in early if you can…did I mention it’s only two months away?



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