But just chill, because getting ready for the end of the financial year can save you a ton of hassle down the track. So, put on your bizznesss hat and let's dive into some tips that will make this process a breeze.
Stress-Free End of Financial Year Planning
Tip #1: Get Organized: Wrangle Your Receipts
Organising your receipts is like corralling a rowdy mob of kangaroos – it might seem impossible, but it's doable! Create a system that works for you, whether it's digital or good ol' pen and paper. We recommend using apps like Hubdoc though….so get onto it.
Remember, keeping track of your expenses can lead to valuable deductions and potential savings.
Tip #2: Embrace Technology: Get Tech-Savvy
Technology can be your best mate when it comes to managing your finances. Consider using accounting software or apps specifically designed for tradies. These nifty tools can help you track expenses, generate reports, and even send invoices on the go. Plus, they'll save you from drowning in a sea of spreadsheets. Whilst you all know Josie loves a good spready, we now work in our very own tailored spreadsheet FREE system at LWT - ask us more about our coaching program for info on this. Embrace the tech and watch your financial woes disappear like a drop of rain on hot concrete.
Tip #3: Know your deductions
As an Aussie tradie, you're entitled to claim deductions on work-related expenses. From tools and equipment to work-related travel and uniforms, make sure you're aware of what you can claim. But remember, keep it legit and save yourself from any unwanted audits! Also - don’t buy dumb shit just because the accountant said ‘you need to spend money to save tax’ - please don’t.
Tip #4: Super, Mate
Check if you've been paying the right amount of super contributions for your employees, if applicable. Don't leave it until the last minute, or you might end up as you know what creek with no paddle. Get that super sorted early, and you'll be patting yourself on the back come retirement time. Did you know if you want to save on some tax you can make extra super contributions yourself? Great way to reduce taxable income! Voluntarily being future smart!
Tip #5: Seek Expert Advice
When it comes to navigating the complex world of taxes and finances, don't be afraid to reach out for help. A trusted accountant or financial advisor can be your saving grace, ensuring you're on the right track and maximising your financial opportunities. We have a list of Trusted Advisors that you can use, check it out here.
We hope these top tips should help you prepare for the end of the financial year without breaking a sweat. Embrace the challenge, take control of your finances, and soon you'll be kicking back, enjoying a cold one, knowing you've got your financial affairs in tip-top shape.
