It’s coming up to the end of the financial year, and we all know what that means… tax time.
For anyone who has heard me speak at a League event, you’ll know I often talk about having the financial side of your business in order and up to date as regularly as possible, enabling you to plan for the year ahead, instead of trying to deal with it all when it’s too late.
Well, now is that time! With just over a month to go until 30 June it’s time to start getting things sorted, and, for any small business out there, with a turnover of less than $50,000, this financial year is your last chance to access the Entrepreneurs Tax Offset (ETO).
This ETO means a 25% discount in tax payable for any business with a revenue of less than $50,000. However, it will not be available in future years.
So, what should you do from here?
1. Get your accounts in order so you can see what your revenue is, up to now.
2. If you’re close to the threshold, consider invoicing some of your clients after 30 June.
3. Speak to your accountant about your eligibility for the ETO.
Article by Sarah Riegelhuth, co-founder of Wealth Enhancers.
Please note: this is general advice only, and we strongly recommend you seek professional advice, relevant to your circumstances, before making any financial decisions.