[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]The end of the financial year is coming up quick! There are a few things you\u2019ll need to get sorted before the 31st of March, so we\u2019ve put together an end of financial year checklist so you can get yourself prepped.<\/p>\n

Understand your Government payments<\/strong><\/p>\n

If you received any COVID-19 resurgence payments, remember that they include GST, so make sure that you have returned GST on these. The government may review your eligibility to have claimed any subsidies too, so get support for your claim ready in case they ask.<\/p>\n

If you receive shareholder salaries or are a self-employed person, any wage subsidy received needs to be included in your IR3 (personal tax return) in the government subsidy box.<\/p>\n

Check your accounts receivable for bad debts<\/strong><\/p>\n

Do you have clients who haven\u2019t paid you in what seems like forever? You can actually write these payments off as bad debt and potentially receive a tax deduction. You\u2019ll need to make sure (and have evidence) that you\u2019ve made every effort to get them to pay up, including any legal action you might have taken.<\/p>\n

Review your assets<\/strong><\/p>\n

Review your inventory to see if there are assets you no longer have, including those that have broken, died or been sold, because you can write these off in the 2022 accounts. If a loss on disposal was made, then a deduction can be taken, or any depreciation recovered will be income. If an asset purchased during the year was less than $1,000, this can be expensed immediately<\/p>\n

Know what you can and can\u2019t claim as an expense<\/strong><\/p>\n

There are some expenses people tend to forget they can claim, but there are also some items that you can\u2019t claim as well. Check out our handy list of things you can claim<\/a>, and then check in with some accounting pros to get it all sorted for you.<\/p>\n

Get the professionals involved<\/strong><\/p>\n

As a business owner, you\u2019ll know quite a bit about the running of a business, but in order to get the most out of EOFY and make sure you\u2019ve got all your bases covered, get an accountant to sort it all out for you (our mates over at Haven Accounting<\/a> can give you a hand).[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_id=”related-post”][vc_column][vc_custom_heading text=”Related articles” font_container=”tag:h2|text_align:center|color:%2313143e” use_theme_fonts=”yes” el_class=”title my-5″][vc_basic_grid post_type=”post” max_items=”4″ element_width=”3″ orderby=”rand” item=”918″ grid_id=”vc_gid:1647290367759-c23c1f96-89da-5″ el_class=”related-posts mx-auto mt-3″][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_row_inner el_class=”container”][vc_column_inner][vc_column_text]The end of the financial year is coming up quick! There are a few things you\u2019ll need to get sorted before the 31st of March, so we\u2019ve put together an end of financial year checklist so you can get yourself prepped. Understand your Government payments If you received any COVID-19 resurgence payments, remember that […]<\/p>\n","protected":false},"author":1,"featured_media":5620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"\n