Planning for End of Financial Year

Planning for End of Financial Year

Planning before EOFY can mean significant savings – but leaving it until the last minute or, worse still, submitting your accounts late can be very costly. The following tips are important for business owners to consider prior to the 31st March 2015.

Fixed Assets – Do you have any assets that you no longer use or don’t intend to use in future? It is important to review your fixed assets now to see if they can be written off.

Creditors – We recommend you pay as many creditors as possible by 31 March to claim the GST in the final return. You will also need any personal expenditure receipts to journal in to claim GST in this final return.

Debtors – Do you have any bad debts? Now is the time where you need to either chase your debtors for payment or decide to write them off by 31 March.

Home Office Expenses – A proportion of your mortgage interest, telephone, insurance and rates can be deducted. You can only claim the expenses that relate to the area set aside for business. Work out the percentage of the work area, compared to the total floor area of the house. Then apply this percentage to the total house expenses.

Accounting Software – If you are thinking of changing accounting packages, now is the time to make the move. With the New Year upon us, your Accountant or Bookkeeper can help you get set up for the 1.4.2015 Tax year.

If you would like some help getting your financial paperwork up to date for the New Financial Year – get in touch with the team from GoFi8ure. To find out more send us an email to: enquiries@gofi8ure.co.nz and one of our consultants will be in touch.