Regardless of your financial position, the approach of June 30 brings some "housekeeping financial issues".
Please take some time to consider the following so that the end of financial year is as good for you as it can be:
1. Ask us for a copy of your Depreciation Schedule to delete any obsolete items and add any times not on the Schedule.
2. Check your insurance schedule to ensure you have equipment adequately insured and that you are not covering valueless equipment.
3. Visit your utility suppliers to negotiate fresh contracts e.g. electricity/ insurance providers.
4. Visit your banking arrangements to ensure you are getting the best deal. Remember, with banks "if you do not ask, you will not receive".
5. Ensure employees are being paid correctly and that superannuation and wage records are up-to-date so employee pay records can be finalised promptly after June 30.
6. How long is it since you reviewed your Will? Does it adequately reflect your intentions when considering your current assets or debt levels and family situation?
7. Visit your bookkeeping processes. Are they accurate, timely and cost or time efficient?
8. Review your first nine months trading to consider profitability. Are you comfortable with your profit level or return on investment?
9. Consider superannuation or savings plans. Statistics tell us we will live longer so we need to provide better and more stable retirement income streams.
At Schuh Group, we have a team of experienced, committed people to help guide and plan your financial future. We are a second generation business with first-hand experience in wealth creation. So, if you feel you would like assistance in any of these areas, or to simply take the pain out of tax time in general, call us on 5482 2855 to speak with our caring tax professionals.