How to have a happy new (financial) year

How to have a happy new (financial) year

THE end of the financial year presents a timely opportunity to improve your business practices and prospects, writes WA Small Business Commissioner David Eaton.

Here’s a few tips and suggestions to ensure you enjoy a happy new (financial) year.

Sort out your record collection

As a business owner, you need to keep records of all of your financial transactions under Australian tax law.

This includes documentation explaining how your income and expenditure figures were calculated, as well as documents supporting these calculations and any other choices you have made within your tax return.

Among the records the Australian Tax Office sees misreported the most are cash income and expenditure records, personal drawings, separation of private expenses from business expenses, motor vehicle claims and stock records.

Marketing matters

Make this the year you master your online presence. Facebook, Twitter, Instagram, TripAdvisor – names you’ve probably heard, but do you know how to use these rapidly growing platforms to promote your business and engage with current and potential customers?

Rank your bank

If you borrow from a lending institution, EOFY is the perfect time to meet with your lender to discuss your business plans for the coming year.

It is also an opportune time to compare interest rates on debt and savings and to investigate other financial services offered by your bank’s competitors.

Save on assets

The Federal Government recently raised the instant asset write-off to $30,000. With your finances and tax situation now becoming clearer, this could be a good time to consider making that major business asset purchase.

If you buy an asset that comes under the threshold, you can claim the business portion of the asset’s use in your tax return for that financial year.

The SBDC provides a range of services to the small business sector, from business workshops to advisory services and much more.

Visit smallbusiness.wa.gov.au or contact one of our experienced team on 13 12 49.