With the end of financial year (EOFY) only 4 months away, it is important to ensure that you’re prepared. The last thing you want is to swamped with 3 months’ worth of work in 1 month, that’s why our bookkeepers for small businesses in Sydney will give you their top four tips to prepare for the EOFY.
Our small business bookkeepers in Sydney recommend you:
1. Keep all your receipts – The most common reason why people don’t take advantage of tax returns, is because they don’t keep their receipts for the year. Just make sure that you keep your big ticketed items
2. Negative Gearing – Is another strategy used to manage tax liabilities, it ultimately means that if you borrow money to invest and the amount of money borrowed is greater than the amount earned, it is considered tax deductible for your business
3. Sacrifice salary for superannuation – As an employee, this is seen as a way to reduce the amount of tax that you pay and this is done by simply putting an amount of your salary into your superannuation so that it is not taxable income
4. Claim your medical expenses – It is important to check if you are eligible for Net Medical Expenses Tax Offset and most times if you have paid for a lot of medical expenses out of pocket you should be. Your Medicare financial statement will allow for you to claim the offset in your tax return
While it can be confusing to do this whole process on your own, it is always good to start with keeping your receipts and then reaching out for a small business bookkeeping service in Sydney so that the remainder of the process is a breeze for you.
Feel free to contact our bookkeepers for small businesses in Sydney and let us help you!