June 2023
The end of the financial year (30 June in Australia) is an important time for business owners. Getting organised ahead of time can save you stress, money, and ensure you don't miss out on valuable tax deductions.
Before 30 June, make sure all your bank accounts, credit cards, and loans are fully reconciled in your accounting software. This gives you an accurate picture of your financial position.
Chase up any outstanding invoices before year-end. If there are debts you're unlikely to collect, you may be able to write them off as bad debts before 30 June to claim a tax deduction.
Small businesses may be able to prepay certain expenses (like insurance or rent) before 30 June and claim the deduction in the current financial year.
The instant asset write-off allows eligible businesses to immediately deduct the cost of qualifying assets. Review any planned equipment purchases to see if bringing them forward makes sense.
For personalised year-end tax advice, contact PRZ Tax & Accounting.