How To Hit June 30 With Gusto!

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Read time: 3 minutes  

The light at the end of the financial year tunnel is brighter than ever right now, with 30 June steaming toward us. So how do you finish the year well in what’s been a challenging one for small business? Here’s a few little tips on how you can hit June 30 with gusto and confidence!  

Keep up to date!

There are often a ton of changes when it comes to legislation when the new financial year rolls around. For example, the super on wages is changing, lifting from 10.5% to 11% on 1 July, which means if you employ people, it’s time to adjust how much you put away for each pay run.  

Fair Work has also upped the minimum wage, which will be increased by 5.75% starting 1 July. It's something to think about when it comes to your budget in the next 12 months, with the increases in wages here possible for your business. Be sure to check in with us if you have any questions here, our bookkeeping and accounting crews are rightttt across it!  

The big ol’ clean up  

That time of the year is here. Remember that bank reconciliation you put off, or those numbers you were “going to enter in when the footy finished”? Well, it's time to make good on those. Making sure all your books are nice and tidy is super key in June, so you have accurate and reliable data at your fingertips (and your accountants do too!) so you can hit July 1 with a strong sense of direction and purpose for the year ahead.  

It's a write off!

Cue the classic Schitt’s Creek “it's a write off” clip. It’s important to know exactly what is a write off or a deduction...because we can tell you, not everything is! Chat with your accountant in the lead up to the end of financial year, just so you can be nice and confident that you’re claiming the right stuff...and avoid the knock on the door from the suits at the ATO asking for an explanation. Yikes.  

Working from home?  

A little reminder of the changes when it comes to work from home this year. Make sure you have correct records of your hours worked from home if you’re planning on claiming a tax deduction using the fixed rate (67 cents an hour). These can be timesheets, diary entries or anything to show that you were at home when working, as the ATO may be looking a litttttle closer this year!   

‍Stock take baby!  

Stock on hand in your business? June is the time you’ll need to roll out the old stock take. How fun. It’s not all doom and gloom though. While you must do this if you buy and sell stock in your business, it can help you make informed decisions about next year and the direction you want to go when it comes to stock that sold, versus stock that lingered a bit longer than you hoped.

Restructure chat?  

Are you a sole trader who’s been thinking about switching to a company throughout the year? Well, the EOFY is the perfect time to chat about this very thing! Restructuring advice can help you get a good handle on what savings and asset protections would be best for your situation. If you’re thinking of a structure change, send your carrier pigeon out to us (or just call, whatever is easiest) so we can help make it happen.

Overall, it’s just about getting things nice, neat and tidy for 30 June so you can attack the next financial year full of confidence, while being ready for some changes that are coming through.  

It’s been a testing year for many business owners, however, never forget we’re right here alongside you to help you learn, grow and dominate the business world and reach your full capacity. Where challenges come, so does opportunity, so let’s get it!

TLDR (too long; didn’t read):  

Make sure you’ve got all your receipts and books up to date by June 30, as well as knowing what you can and can’t claim at tax time (ask your accountant for clarification). ‍

Stock take will need to take place before June 30 and if you’re keen to chat about any structure changes, it’s time to do so! There are also some changes to super rate and the minimum wage that are coming into play July 1, 2023, so make sure you’re up to date with those.