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End of Financial Year – Sales on the Way

Are you planning to make a technology purchase?

The end of financial year makes many people think about tax and hurriedly scramble to organise deductible expenses in time. At the same, savvy large technology retailers and department stores hold tempting sales. It is very easy to get caught up in the frenzy and make a purchase you might regret. A little groundwork can leave you ready for a win-win situation – you buy in time for the tax benefit, find a good deal at the sale and make sure you have what your business needs so you are left with a device or program that you are happy to use.

Where do I start?

Start by thinking about your business. What are you doing now that would be easier with new technology? What are your competitors offering that makes smart use of technology?

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Tax – Chaos or Calm

The date June 30 can mean chaos or calm depending on how well organised you are. If this year is already looking like chaos maybe it’s time to consider ways for your office to work smarter as we head towards end of financial year.

Here are a few tips to create calm from Lan Nguyen from Success Accounting Group.

1. Check for missing receipts or documentation – these definitely cause stress and chaos

To create a calmer approach to 30 June; review all necessary receipts and documentation now so that you can present your accountant and the Tax Office with a complete set of documents to substantiate your claims and support your record keeping.

2. Review your financial positioning – If your profit and loss statements are unbalanced there’s a very good chance you are too.

The difference between good bookkeeping and excellent book keeping is balance… in the numbers in your profit and loss and business and credit card bank accounts. Don’t forget to check if the interest on the car hire purchase and business loans is separate from the principle. Are they fully reconciled and all transactions recorded accurately and completely? If not, go to point #1! This is the best time of year to do a stock take and write off any obsolete stock. Check the integrity of accounts receivable and accounts payable and write off any uncollectable debts before 30 June. If none of this makes sense – talk to your accountant A.S.A.P.

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