It’s the new financial year and the perfect time to look at the last 12 months of business and reflect on what you can improve, replicate or change to make your small business count in 2020. In the spirit of a new financial year, there’s nothing better than a few ‘End of Financial Year (EOFY) Resolutions’ to create good habits for the months ahead.
A chilly 12-degree night with drizzling rain and nothing more than a cardboard box to keep dry and sheltered from the elements. On Thursday 20th June 2019, the longest night of the year, the 2019 Vinnies CEO Sleepout took place and we undertook the challenge of sleeping on the streets to help create awareness and funds for homelessness in Australia. This year, we had two attendees from the Walker Hill office, Alex Hanley and Nick Hill, take on a challenge that thousands of Australians face each night.
Receipts, whether you’re collecting them in your wallet, a shoe box or electronically, by the end of a financial year, there always seems to be a large amount of them. Not wanting to miss out on deductions, you may cram receipts into files or, worse still, consider them an afterthought and scramble to find the information you need when the EOFY rolls through. It’s time to get the record straight on what you need to keep records of.
In the pre-30 June period, we help many businesses prepare by highlighting the key areas that should be thought about, considered and actioned before 30 June to ensure that their business is ready. We’ve found that there are three main areas that businesses should focus on before the end of the financial year to help ensure success in the upcoming one.
With the end of the financial year quickly approaching, you may be thinking about the tax deductions you could be eligible for. Personal super contributions can be one area that you may be able to claim a tax deduction in if you have contributed to your super fund (other than employer paid superannuation).