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The end of financial year (EOFY) will look very different this year than previous years.
Australian small businesses have done it tough in recent months, with forced closures in entertainment, beauty, hospitality, tourism and an overall lack of consumer and business cashflow.
While we’re not expected to see the full impacts of economic downturns and recession just yet, the worldwide pandemic will definitely make a mark on Australian small business accounting.
Want to know how to proactively prepare your small business for EOFY 2020?
Read more from Crest Accountants to learn more about preparing your small business for EOFY.
EOFY tax compliance
What Australian government relief packages are taxable and what’s not?
Which legislative changes to taxation impact my small business, and how is it possible to keep up to date with all these roll-outs and shake-ups?
These are just some of the questions many Australian small business owners are asking come EOFY 2020, and what a Gold Coast Accountant is here to help with.
Essentially, it’s time to get back to basics when it comes to small business accounting.
Here’s how:
- Keep up with real-time records
Get hold of a full, up-to-date view of business accounts and statements. This will ensure you’re in a better position with tax compliance, and don’t leave any applications until the last minute, either!
- Stay up-to-date with tax and application changes
This is the JobKeeper payment, both qualifying for it and utilising it correctly and legally. Also relevant is BAS deferrals, payroll relief and super payments (which can’t be deferred). It’s imperative you consult with a Gold Coast Accountant who’s proficient in small business tax accounting to ensure tax compliance for the end of financial year.
- Payment priorities and working from home deductions
In times of downturns and financial crisis, cashflow is so important. Reducing, refunding, accessing and/or deferring payments are all things small businesses must consider. Also, if working from home was an option for your business and employees, simplified expense calculations need to be considered whether it’s a flat hourly rate, hourly rate plus bills, or a pure percentage rate.
To navigate the realms of business accounting, a Gold Coast Accountant will help you ride through these stormy seas of uncertainty.
Industry specific EOFY small business accounting
From the coffee shop owners to the bed and breakfast operators, the family-run entertainment venue to the professional services firm, your Gold Coast Accountant is here for you at EOFY.
Here’s what Crest Accountants offer small business owners and operators:
- Business tax returns,
- Business activity statements,
- Specialised small business tax planning and advice,
- Cashflow forecasting and business structuring,
- Instant asset write-offs,
- JobKeeper wage subsidy assistance, and much more.
EOFY with a Gold Coast Accountant
2020 has seen business closures and losses to economic stimulus packages and the excitement and relief of reopening.
EOFY is almost upon us, and it’s time for small business owners to stop scratching their heads in confusion and start getting clarity from a Gold Coast Accountant.
With proactive and simplified small business tax accounting, there’s a light at the end of the tunnel this end of financial year.
Is your small business ready for the 2020 end of financial year?
Contact Crest Accountants today for simplified small business accounting solutions that are industry specific, personalised and professional.
