The end of the financial year is just around the corner, and if you haven’t started getting your accounts together, now’s the time. Here’s what to look at… Prepare your paperwork Make sure you have all your paperwork prepared and ready to send off to the accountant. Records like receipts for purchases, invoices, travel logs, activity statements, GST returns and Business Activity Statements (BAS) should all be accessible, orderly and in one place. Separate your personal from your work banking This will streamline processes and help ensure you don’t miss out on any claims for expenses that should be run through the contract work account. It will also save on accounting expenses as it will be a faster job for your accountant! Check your superannuation Make sure you’ve met your superannuation obligations by 30 June and consider making an additional contribution if you can afford it. Know what you can claim Get up-to-date information on what you can and can’t claim – from tools and training to uniforms, car expenses and office supplies, every applicable expense will reduce your tax liability. Invest wisely now If there’s any equipment you need to repair or replace in order to get your job done in the coming months, consider investing in it now. Prepaying certain expenses for 12 months or less, like professional subscriptions, rent, electricity, insurances and utilities may also provide opportunities for deductions. Manage bad debts Look at your bad debts and consider making an offer of a small discount for payment prior to the end of the financial year. And remember, if you pay GST throughout the year, you can claim back any tax you’ve already paid on any bad debts. Don’t Stress The end of the financial year is overwhelming for many – especially if accounting isn’t your forte! The good news is that it doesn’t have to be. When you manage your contracts through the Ayers Group, you’ll be able to access everything you need to manage your EOFY contractor tax online – all there in one place so you save time and effort. Contact an expert at the Ayers Group today.