Advivo provides strategies for maximising your tax structuring to prepare your business for EOFY.
As the end of the financial year (EOFY) approaches, it’s crucial for business owners to ensure that their tax affairs are in order. Effective tax structuring can lead to significant savings and a smoother EOFY process. Continue reading to discover some strategies to help you maximise your tax structuring and prepare your business for this upcoming EOFY.
Review and organise financial records
The best place to start when beginning to prepare for EOFY is to review and organise your business’s financial records. To do this, ensure that your business’s income, expenditure, invoices, receipts and any other financial documents are accurately recorded and up to date. Having your financial records organised will aid in your tax preparation, ensure a smoother process and ultimately provide you with a clear understanding of your business’s financial stability.
If you are struggling with organising your business’s finances in time for EOFY it might be beneficial to refer to an EOFY checklist to ensure that you are on track.
Maximise deductions and concessions
A key component of effective tax structuring is the maximisation of tax deductions. The majority of business expenses can be deducted, so long as they directly relate to the earning of income. Some of these deductions may include things such as travel expenses, office supplies, and vehicle expenses. When claiming certain expenses as deductions it is also important to ensure that you have the records to prove them.
If you are a small business owner, your business may also be eligible for several tax concessions that are available to support small businesses.
Keep up to date with tax changes
Tax laws and regulations undergo frequent changes, some of which may have an impact on your business. By staying up to date with these changes, you can ensure that your business is compliant with tax law, as well as be aware of any new tax benefits that your business could take advantage of to optimise your tax structuring.
Engage a tax professional
While it’s beneficial to have a good grasp on the basics when it comes to tax structuring, the easiest way to ensure it is being managed effectively for your business is to engage a qualified tax professional, such as the tax advisors at Advivo. A tax advisor can review your existing tax strategy, identify additional opportunities for tax savings, ensure your compliance with laws and regulations and provide you with personalised advice tailored to your business.
