Be Prepared for Change

Advice from our local professionals for EOFY

Effective EOFY Planning

EOFY is one of those dates on your calendar that comes around in a blink of an eye. While running a business takes up a lot of time, we deem it important to think about reviewing your finances – usually from a birds eye view with an accountant. Tax planning should be at the top of your list as it allows your accountant to assess your current financial situation and go over it with a fine-tooth comb. The benefit? Providing you with informed and educated strategies that will positively impact your short- and long-term financial goals.

While examining your financials may be a daunting task, having an accountant by your side will give you the advantages to minimise your tax benefits.

Here are some steps you and your accountant will take to effectively plan for EOFY:

Review your Finances: Before you can plan for EOFY, you need to have a clear understanding of your financial position. Review your income, expenses and investments for the year to date.

Consider tax deductions: Make sure you understand the tax deductions available to you and how to claim them. Your accountant will go through any work-related expenses such as travel, training or equipment.

Superannuation contributions: Consider making additional contributions to your superannuation account before the end of the year. This will help reduce your taxable income and can provide tax benefits.

Managing Capital Gains and Losses: If you have made any investments during the year, consider the impact of capital gains and losses. Make a plan: with the current economic climate and high inflation rate, its beneficial to make prudent decisions and work with your accountant to create a suitable tax plan that can safeguard and weather the ups and downs of the economy.

If you require assistance with your financials we’re ready to chat with you!