End of Financial Year Prep for NDIS Providers: Make the Most of Your Deductions and Government Offers
Hey there, NDIS providers! As the end of the financial year (EOFY) approaches, it’s time to get your ducks in a row. EOFY can be a fantastic opportunity to maximise your tax deductions and cash in on some government offers. Ready to dive in? Let’s make this fun and productive!
1. Get Your Financial Records in Order
First things first, get those financial records sorted. Make sure:
- **Income Statements**: All invoices and receipts are neatly recorded.
- **Expense Documentation**: You’ve got all those receipts and expense records handy. Enter them into your bookkeeping software. Break it into batches and reward yourself at the end.
- **Payroll Records**: Employee payments are documented correctly.
Pro tip: Use accounting software like Xero or MYOB to keep things smooth and stress-free.
2. Review Your Financial Performance
Take a good look at your financial performance over the past year. Check out your profit and loss statements, cash flow reports, and balance sheets. This will give you a clear picture of where you stand and where you can improve. Chase up bad debts.
3. Maximise Your Tax Deductions
Here’s where the fun begins! Make sure you’re claiming all the tax deductions you can:
# Business Expenses
- **Operational Costs**: Utilities, rent, and other regular expenses.
- **Office Supplies**: From paperclips to office chairs.
- **Professional Services**: Accounting, legal, and consultancy fees.
# Vehicle and Travel Expenses
- **Vehicle Costs**: Fuel, maintenance, and depreciation for business vehicles.
- **Travel Expenses**: Accommodation, meals, and transport for business trips.
# Staff Costs
- **Salaries and Wages**: Payments to your awesome team.
- **Superannuation**: Employer contributions to superannuation.
- **Training and Development**: Costs for staff training and growth.
# Depreciation
- **Assets**: Depreciation of business assets like computers and office equipment.
4. Cash In on Government Offers
Don’t miss out on these government goodies:
# Instant Asset Write-Off
- Write off the cost of new or used assets up to the latest threshold. Make sure you buy eligible assets before EOFY.
# JobMaker Hiring Credit
- If you’ve hired new staff, you might be eligible. Check the criteria and have your documents ready.
# Research and Development (R&D) Tax Incentive
- Claim a tax offset for eligible R&D activities.
5. Plan for the Next Year
Set some exciting financial goals for the upcoming year. Create a budget, plan your cash flow, and find ways to cut costs or boost revenue.
Disclaimer
Please note, we do not offer financial or tax advice. For personalised advice, consult a professional.
You've Got This!
EOFY can be a breeze with the right preparation. Set up an appointment with your bookkeeper now.
Visit www.wholewarriorsolutions.com.au and book your coaching session now for mindset empowerment, operations management, administration and software tips, or referrals!
