End of Financial Year – Things to consider
Let’s go over some changes coming up and areas you can investigate to understand what you are doing well at and maybe where you want to improve or not hitting the mark.
- Super increase 1st July 11.5 – 12%
Check your accounting software is updating and get your cash flow in order to pay on time and avoid unnecessary fines and penalties.
2. After 1 July 2025 taxpayers will no longer be able to claim an income tax deduction for ATO interest charges.
3. BAS Agent vs (Admin)VA
Your business can benefit from both of these roles.
WARNING – if you are using a unregistered Agent for BAS Agent services not only is it illegal but they are often unqualified and poorly trained. Many are simply scammers.
- BAS Agent for compliance and financial accuracy in your accounting software.
- VA for admin and day-to-day help — customer service, scheduling, support.
https://chatgpt.com/c/
4. How to prepare for end of financial year
This is an exciting time for business owners, you can start to reflect on goals – identify strengths and weaknesses AND start considering and building budget and forecasts for next FY.
a) Start preparing your accounting reports for the FY, completing reconciliation, reviewing operational, payroll and performance. Other areas like stocktake and logbooks.
b) Tax planning – book a time with your Tax Agent, estimate where you will land on 30 June, what opportunities are available to you e.g. prepaying expenses, delaying income, write off bad debts….
The rules are changing on super balances, thresholds and caps so if super is part of your financial planning you may want to discuss at your meeting.
c) Get your cash ready for the end of FY sales – invoice now and follow up outstanding invoices to be paid before 30 June.
https://chatgpt.com/c/
5. GST reg + company structure – when to review
a) GST is mandatory – Your business has a GST turnover of $75,000 or more:
- Measured on a rolling 12-month basis (actual or projected).
- You must register within 21 days of reaching this threshold.
b) Review your company structure annually or whenever they are significant changes. Seeking advice from a legal and financial specialist to consider – tax efficiency, compliance obligations, personal liability and your overall long term goals.
Comment below your thoughts and what’s on the playlist.
Looking forward to doing all this and more with all you Upscale crew next financial year!!!