5 things I'm doing in my business before 30 June 2022
EPISODE 21
Notes
We’re fast approaching the end of the financial year! Do you feel ready?
In this episode, I’m going to run you through 5 things I’m doing in my business before 30 June 2022.
Your business profit or loss spans the 1st of July to the 30th of June with the tax being calculated on the final position your business is at on the 30th of June. If you’re trying to influence a tax outcome, you need to be acting on it before the 30th of June, otherwise, it will fall into the next financial year.
The 5 things I’ll run you through will give you an idea of what you can be doing to prepare for this busy time of year in your business.
Firstly, I would never go and buy things I don’t need just to reduce my tax. It doesn’t make business sense and should be avoided (despite all the wonderful advertising campaigns!).
I’ll start off by taking you through why it’s beneficial to pay for expenses (that you actually need or will incur) in June and reduce the taxable income this financial year. We’ll then explore bonuses, superannuation, age receivables, reflect on the past financial year, and set a financial budget for the next one.
Grab a pen and paper to write these down so you can breeze into tax time knowing you’ve got everything sorted.
Previous episode mentioned:
About the
Author
Bec is a chartered accountant who worked at Australia’s big firms and banks for 15-years. Faced at a crossroads in her career, she backed herself, left her corporate job and launched Straight Up Bookkeeping. 3 years and 5 staff later, Straight Up Bookkeeping is one of Australia’s leading virtual bookkeeping businesses for creatives, with a mission to free business owners from financial stress so they can grow their empires.
Recent Episodes
