Getting ready for 31 March

It’s hard to believe, but the end of the financial year (EOFY) is just days away.

To ensure we get the best result for your business, now is the perfect time to review some key areas:

• Asset Register: Have you sold or scrapped any equipment lately? Let us know so we can update your depreciation schedule.

• Bad Debts: Take a look at your aged receivables. If there are invoices you know won’t be paid, they must be physically written off in your system before 31 March to claim a deduction.

• Inventory: If you own stock or inventory, make sure you complete a stocktake on 31 March.

Getting these bits sorted now makes for a much smoother tax season later. If you have any questions about how to handle these, just let us know.