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Take A Stress-Free Journey To The End Of The Financial Year

Posted by Anthony Toope

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May 30, 2013 at 8:15 PM

 

End of financial year_stressThe end of financial year is looming. While for some this will mean a bargain hunt around the shops to stock up on home furnishings and electronics, many of us will face endless hours of tax returns and paperwork. If you don’t want to be pulling your hair out by June 29, it’s important to take some time and think about your approach.

Take time to plan: The end of financial year may mean lots of reporting but it’s also a time to plan for the year ahead, setting budgets and mapping out expenses. Business managers often choose to accelerate expenditure on investments, bringing forward payments and closing the costs before 30 June. You might consider taking advantage of the end of financial year sales and pick up reduced price office equipment, supplies and stationery.

Fuji Xerox Printers is currently running a tax time promotion; when purchasing selected Fuji Xerox printers before the end of June you can receive up to $500 cash back. Many companies will run similar promotions over the coming weeks so make sure you don’t miss out on the bargain.

Be aware of your tax entitlements: Small business owners often forget or miss out on the tax deductions they are entitled to. Purchases of assets like office equipment are usually deductible over time through depreciation or depletion. This can include copiers, computers, fax machines, phone systems and scanners. Business expenses such as office supplies are also tax deductible.

  • Working from home? If you work from a home office you can take a home-office deduction. A percentage of your mortgage, rent, utilities, insurance can be deducted according to what portion of your home qualifies for your workspace.
  • Don’t forget the depreciation allowance: Many start-ups and small businesses aren’t aware of the federal government’s $6500 instant asset write-off. It’s worth reading up about this as it means businesses can immediately write-off assets valued at less than $6500 such as laptops, office equipment and desks. There’s a chance that this depreciation allowance won’t be around next year so take advantage of it this year and claim outright depreciation on any new assets before June 30. You can find more information on the Australian Tax Office website.

Get rid of obsolete equipment: If you have old, un-used equipment or machinery lying around your workplace, now is the time to scrap it. Businesses can take advantage of a write-off deduction for scrapped equipment but it’s important that this is written-off before the end of the financial year. TechCollect is a nationwide service through which you can recycle old computer and accessories, printers and TVs.

Keep your eyes open: Watch out, the end of financial year is a popular time for scammers to target small businesses. According to an article on the ACCC website popular scams relate to false billing such as fake invoices for advertising, directory listings, domain names and office supplies. Keep your eyes open and make sure your business doesn't suffer this year.

 

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Topics: End Financial Year, Financial Planning, Tax Deductions

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