If you’re self-employed—whether you run your own business as a sole trader or operate within a partnership – you’re probably used to wearing many hats.
From managing clients and keeping up with invoices to handling tax obligations, the to-do list never seems to end. But as we approach the end of the financial year (EOFY), one important thing that’s easy to overlook is your superannuation.
Businesses facing financial challenges must take proactive steps as the end of the financial year approaches to ensure compliance and set a foundation for recovery.
The Australian Taxation Office (ATO) has intensified efforts to recover debts, leading to a surge in insolvencies and restructuring plans.
As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time.
EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for the year ahead.
With the end of the financial year approaching, now is the perfect time to conduct a business ‘health check’ so that you can come out at the start of the new financial year greatly improved and ready to go.