AS WE get closer to the end of this financial year we are looking forward to some stability and optimism for businesses in the new financial year.
Our recent shopfront survey has showed that business owners are cautiously planning for the new financial year and hoping to leave some of the disruptions behind them.
We have a new government so it will take some time to see what this means for local businesses.
The new government will need to strike the balance between balancing the books and continuing to support business growth.
June is the last month for tax planning so I am sure there will be many discussions leading up to 30 June around profits and tax estimates.
Make sure that if you calculate your tax on a cash basis, you have paid all your bills in June.
As a side tip, you only get a deduction for super payments to your employees when you physically pay the super through the nominated bank account. This is one significant expense that you can ‘bring forward’ to the current financial year if you are looking for those extra deductions.
Try to bring forward any expenses that you would expect to have to pay in July.
I encourage all local businesses to take advantage of the great network that the Glasshouse Chamber of Commerce provides.
You might be dealing with the same challenges as other businesses so why not benefit from the support of your fellow business owners.