Join the waitlist for The Australian Small Business Show Club by clicking here.

If you've ever wondered how to maximise your tax position before 30 June and set your business up for a stronger financial year ahead, this episode is for you.

Hello and welcome to this week's episode of The Australian Small Business Show.

As the end of financial year approaches, many Australian small business owners focus on compliance tasks and tax returns, but there is also an opportunity to take a strategic approach to improving business performance. In this episode, we discuss the practical steps business owners can take before 30 June to ensure they are making informed financial decisions and preparing for a successful year ahead.

We explore a range of end-of-financial-year strategies including reconciling accounts, understanding your profit position, reviewing business structures, making concessional superannuation contributions, identifying bad debts, prepaying eligible expenses, and improving debtor collections. We also discuss the importance of working closely with your accountant to understand the most appropriate tax planning opportunities for your specific circumstances.

If you've been asking yourself, "What should I be doing before 30 June to reduce stress, improve cash flow, and make better financial decisions for my business?", this episode provides a practical roadmap. We also discuss how Australian small business owners can use the new financial year as a planning milestone by reviewing pricing, preparing cash flow forecasts, creating budgets, evaluating subscriptions and software expenses, and identifying opportunities to improve business performance over the next 12 months. We touch on upcoming changes such as payday super obligations and anti-money laundering reforms that may impact some professional service businesses.

Key Takeaways:

• Ensure your accounts are fully reconciled and up to date before 30 June so you have an accurate understanding of your profit position.
• Speak with your accountant about tax planning opportunities, including concessional superannuation contributions and business structure considerations.
• Review outstanding debtors, write off bad debts where appropriate, and improve collections to strengthen cash flow.
• Consider prepaying eligible expenses such as insurance, subscriptions, training, and professional services where appropriate.
• Prepare a cash flow forecast and budget for the new financial year, particularly with upcoming payroll and superannuation changes.
• Review pricing, subscriptions, software tools, and operational expenses to identify opportunities for improved profitability.
• Use the start of the new financial year as an opportunity to plan staffing, marketing, growth initiatives, and business priorities.

Connect with Us:

If you're an Australian Small Business Owner, we'd love to connect with you on socials. You can give our Facebook Page a like here: https://www.facebook.com/theaustraliansmallbusinessshow

Or follow us on Instagram here: https://www.instagram.com/aussmallbizshow/

Subscribe to The Australian Small Business Show newsletter by visiting our website here: https://www.theaustraliansmallbusinessshow.com.au/

Disclaimer: The information shared on The Australian Small Business Show is general in nature and does not constitute professional advice, legal or otherwise. We recommend consulting with your advisors on your specific circumstances.

Mentioned in this episode:

Invitation to Join Kristy-Lee for this Free Webinar?

Are you across the Fair Work changes that take effect on 1 July? Join Kristy-Lee for this free webinar to discover exactly what's changing and what you need to do about it, so you don't end up in hot water with Fair Work (even if you only have 5 staff and one of them is your sister-in-law).