Just when you think you’ve settled into the new calendar year, the financial year slowly creeps by undetected until it’s too late!
Don’t worry, there’s still plenty of time to get yourself ready for a new financial year, and with these handy tips, it’ll be a breeze!
Are you guilty of having that one drawer you shove all your receipts and bills in with the promise of one day sorting through it? Well, that day has arrived and it’s time to open the drawer and get all those pieces of paper out.
Before getting started on any project, it’s important you have all the tools and information on hand. Create a spreadsheet of where you’ve spent money and sort through those receipts to assess which items you can claim on this tax time.
Know what you can and can’t claim on
There’s no question that the new workplace flexibility approach that many offices have implemented has meant for many of us, that we’re able to claim on more items than once possible.
The ATO has a comprehensive guide on the items you can claim for which include (but aren’t limited to) electricity expenses, the decline in value of office furniture and furnishings, and internet and phone expenses.
If you’re unsure if you can claim an item, reach out to your accountant or the ATO to confirm.
Review Your Finances
Consider this an early spring cleaning. By reviewing your financial statements from the last year, Commonwealth Bank says, you’ll be able to look for things like where you spent the most money, your recurring subscriptions and how much you paid in fees or interest.
From here, you’ll be able to find ways you can save money over the next 12 months and beyond. Cancel any subscriptions (like that gym membership you said you’d use!) you’re not getting use of, negotiate rates or switch banks and/or utility providers altogether and look at ways you can supplement your income.
Consult a financial planner
Just as some of us put off going to the dentist out of fear of the potential pain, many of us think the same about seeking financial advice. However, just as we find the idea of going to the dentist is much worse than it actually is, the same applies to financial planners.
Use this time to assess your current financial position, goals for the next year, and how you plan to achieve them with a professional.
Create a budget
If you’re still uncertain about financial advice, perhaps you could start by creating a budget?
The Barefoot Investor: The Only Money Guide You’ll Ever Need book is an excellent and easily-digestible financial guide that provides you with actionable tips whilst educating you on topics you’ll be in shock you didn’t know about.
Work smarter, not harder
Use this time to consider how you can work smarter not harder in the new financial year.
Books and podcasts, such as Life Admin Hacks, are great resources to help you spend less time on the boring stuff and more on things you love.
Explore your business dreams
Have you been setting the same New Year’s Resolution to take that side hustle and turn it into a full-time gig over and over again?
Research conducted by Finder.com revealed that 72% of Australians have set at least one New Year’s resolution for 2022. With the beginning of a new calendar year comes public holidays, office shutdowns and school holidays and before you know it, we’re in March and your goal to explore your business is put on the back burner.
Why not use the new financial year to sit down and create a business plan for your dream business, scope out what you need to do and the resources you need to make it happen.
At least you know for all your business needs, we’re here to help!