Get organised for EOFY

When it comes to the end of financial year, many business owners find themselves rather unprepared and in a mad dash to meet their tax requirements by deadline.

This year, get ahead of the game with these top tips.

1. Check your payroll records

Review your records for all employees that have worked for you throughout the 2015/16 financial year. Ensure you have their correct name, address and tax file number recorded, as well as any termination dates. By doing this now, you will avoid the unnecessary frustration of going to organise Payment Summaries only to find you are missing important employee details.

2. Reconcile payroll accounts

If you can balance your payroll up until the end of May, then you will only have your June payroll report to check at the end of financial year. Doing this now will take the pressure off come EOFY.

3. Organise your claims

Now is the time to organise your tax claims and ensure you are taking full advantage of the concessions, deductions, rebates and write-offs to which you are eligible. Remember that the majority of costs associated with running your business are tax deductible, so long as they relate directly to you earning income.

Questions? Comments? Get in touch with us by calling 1300 58 40 50 or email us: info@swagbookkeeping.com.au