Tag: EOFY

With the tax silly season almost upon us, it’s that time of year again for smart business owners to start taking action before 30 June and look at ways to reduce their tax bill.

You don’t need to be an accountant to appreciate the effects of one financial year ending and another beginning. Similar to a new calendar year, a new financial year can be used as the perfect opportunity to carry out a couple of those tasks that we all too often place in the “too hard” or “later” piles.

Business owners will face an added end of financial year compliance burden when the Federal Flood Levy is installed on 1 July, according to leading accounting software provider MYOB.

MYOB’s Julian Smith blogs about the importance of giving yourself a pat on the back this EOFY.

“For some of you self-recognition is rare, you’re so busy doing the day to day work that it’s easy to miss. I encourage you to recognise the hard work and determination that you have put in to your business, what you have achieved and the contribution you make to your local business community.”

Trend Micro’s Tina Su blogs about remaining vigilant online as the EOFY draws closer.

“Cybercriminals often capitalise on the tax season to launch a plethora of attacks and that is not surprising.”

The end of the financial year is one of the most anxious times for Australian small businesses, with many reporting bewilderment at the complexity of tax reporting in the latest American Express Tax Time Survey.

Julian Smith blogs about the importance of looking beyond the end of the financial year.

“Yep, I know time is scarce – you’re already flat out trying to wrap up this financial year and time to plan ahead looks hard to find – but do try to set the time aside, as it will give you the opportunity to set your business up to start the new financial year on the right foot.”

While the end of the financial year can sometimes be a rushed haze of numbers, money, stock and papers, I think it’s important to take some time to reflect on the year that has just passed.

Happy June! The end of financial year ‘EOFY’ is almost upon us!

I know that, for some of you, today signals added stress and more pressure. But that doesn’t need to be the case.

We asked our expert blogger Adrian Raftery (aka Mr Taxman) for his top tips on strategies to implement before the end of this month to reduce your tax. Whether you’re a business owner or an employee, there’s something for everyone.