Being proactive before EOFY could really save you money
Now, I get it. End of Financial Year isn’t the most exciting topic I can talk about, but being prepared can really save you a lot of money (and heart ache) in the long run.
That’s why we strongly recommend a pre-End of Financial Year (or Pre-EOFY) checkup with your business advisor.
What is a Pre-EOFY checkup?
Usually, a pre-EOFY checkup takes just 45 minutes (or for complex business, 1 hour) with your trusted advisor. It’s where you spend time with your advisor talking specific strategies for your business to maximise your goals at the end of the year.
Remember, many items are deductible in the year they are paid, so it is important to make sure you know what is the best use of your spending money.
What to expect in a Pre-EOFY checkup
Every Pre-EOFY checkup should be tailored for your personal business circumstances. It won’t be 100% accurate but it will give you a ball park estimate of overall tax payable for the current year.
You should also get some really great tips on what to do between now and 30 June to maximise your results.
Reasons why a pre-EOFY checkup is important
1. Estimate current year results
This allows you to understand roughly where you will end up for the current financial year, and if you are working towards some strategic goals – what shortfall (if any) you have.
2. Estimate current year tax
This allows you to understand roughly how much tax you will have to put aside in your savings plan.
3. Develop an action plan for best results
This will ensure you have key dates to get certain things paid / processed in order to maximise your business results for the year.
What you need to bring to a Pre-EOFY checkup
The following list is ideal:
- You’ll need to ensure the bank accounts are properly reconciled
- Give access to your advisor to your accounting system before the meeting
- Bring a copy of your Profit & Loss / Balance Sheet reports
- Bring a copy of completed BAS (if your advisor didn’t do them for you)
- Identify any big issue items that might affect the last few weeks (eg new contracts / employee retirements etc)
Don’t worry if you are missing a few items on the above list – you should still get a lot of value from a specific meeting like this.
Questions you should ask your advisor
+ What measures should you take to maximise your business results for the current financial year
+ Do you recommend we pay superannuation before 30 June for ourselves? If so, how much?
+ Do you recommend we pay our employee’s superannuation before 30 June?
+ What key dates do I need to make sure things are completed by over the coming weeks?
+ If you need help, would the advisor have excess capacity in the lead up to EOFY? How much will that cost?
When to have the pre-EOFY checkup?
It’s ideal if you can organise a pre-EOFY checkup prior to 15th June. This allows you two weeks to sort out any outstanding items that need to be paid in the current financial year.
Limited time offer!
We’re offering you and your business a pre-EOFY 2018 Tax Plan for $350 until 15th June 2018. Select “Biz 2018 Tax Plan” below to secure your consultation (Skype and phone consultations also available for your convenience)!