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Is Your Business on Track for End of Financial Year? Posted on May 8, 2020

Ducks in a row

With the End of Financial Year (EOFY) approaching in a matter of weeks, we’re encouraging businesses to get their house in order on cashflow, Instant-Asset-Write-Offs and tax.

The recent and rapid rate of change to financial management, as well as the cashflow relief for many with the JobKeeper payment, suggests that a May review holds more importance than ever.

Cashflow

Could you ever have imagined the economic roller coaster of the last few weeks? The steep dipping and turning of a Stage 3 lock-down, followed by the stimulus package means that almost every cashflow plan has changed in a short period of time. It is worth checking with your accountant that your cashflow position is on track for the JobKeeper period – and beyond.

Instant Asset Write-Off

The shelf-life for the $150,000 Instant-Asset-Write-Off scheme is 30 June. There is no suggestion that it will live longer than that. If you are in a position to purchase an asset for your business, be sure to check the specifications with your accountant. A car, for example, has very strict criteria.

Tax structure

With tax relief options such as reduced Payroll Tax, deferral plans, changed reporting cycles and BAS discounts, it is important to engage with your accountant in a Pre-June Review (perhaps even a second one if things have changed since your initial meeting) to ensure you’re only paying the tax that you need to.

Now is the time to focus on a tight close on FY20 and to build financial defenses into FY21. We’re here to support you.

Written by Troy Marchant, Director and Chartered Accountant

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