Tax Time / New Financial Year Resolutions

[defyet]

Well Tax Time is approaching very fast, a time of the year i hate because i always get stung by the tax man. Haha..

So what is everyones resolutions for next year financial year?

Ive just printed off my last 2 years profit and loss statements and compared accounts to see where i have and havnt spent more money over the last 2 financial years so hopefully i can improve the financials of the business next financial year, i was quite suprised how much more i spent on things this financial year compared to the year before, even though the profit was alot better i think ill be cutting back on things like advertising next year and giving the yellow pages and magazine advertising the flick so this will save me alot of money as i dont get any work from them, its all from the website which cost me zilch to run!

Also will be doing PAYG Tax next year as this year i havent set any money aside for tax time so im going to get hit with a nice bill, and also start putting money into my Super which i have failed to do for the last few years.

I'll be spending alot more time organising the financials of the business and minimising expenses as well as getting the name out there more like always so the business can expand and employ its first employee.

[KarenC]

I think (if you don't already) you should resolve to have a separate account that you add to every month for tax and PAYG. It's the best way to know the money is there when you need it.

Also, if you only work for yourself and have some money over, why not add to super now which would reduce your tax burden? The ATO has notes on what the amounts are you can add before the end of June, but don't wait until the last week. It has to be well and truly deposited correctly prior to the end of the financial year.

Check with your accountant or the ATO.

[beckles]

My resolution is to actually do the bank recs each month and not wait until the day before the BAS is due! I've been doing that for years and every qtr I swear I'll be more organised...

At least now that I've downsized back to a micro business with just me, it does only take about an hour to do the bank recs, even for the qtr.

[defyet]

Thats something i do aswell, i usually do it on the due date or after! Haha.. Thankfully it only takes me an hour or so also.

[sleepyoz]

Hi Bec - why wait till month end - do weekly reconciliations - that way you have up to date financial information at hand to analyse and assist you in directing your business activities

[beckles]

Originally Posted by sleepyoz

Hi Bec - why wait till month end - do weekly reconciliations - that way you have up to date financial information at hand to analyse and assist you in directing your business activities

Ummm because I'm time poor as it is and I don't have a lot of expenses (or sales at the moment!) to put through so monthly is enough for now. Choice between dealing with a clingy 13month old during the day or doing bank recs, and the princess wins every time lol

[Emroy]

What a good thread!

Well, ever since I've moved to Xero my reconciliations have taken me a whole of 5 minutes, so I do them weekly now!

I think my new years resolution would be to ramp up my advertising and focusing on growing my business to the next stage.

- Jake

[sleepyoz]

Hi Rebecca

Good for you - my princess (now 19 and studying criminology at UNE Armidale) still wins every time too

Looking at a product like Xero or MYOB LiveAccounts(to be launched in June) will also give you the opportunity to win back some more valuable time to concentrate on the things you love to do!

I could also recommend a fantastic bookkeeper in Canberra if you are ever interested in outsourcing this part of your business