Only two more weeks to go and it’s the end of the financial year. In my banking corporate past this time of year marked a week of crazy busy late nights then a month of tidying up the carnage that was left behind.
In recent years tax time has been a bit of a non-event. Earning very little income and receiving no tax refunds has been a little boring. That’s why I’m kind of excited for 30 June this year. It will mark the first year I get to complete a tax return that includes my business income! Here’s a few things I’m planning for the next two weeks.
Anyone else love stationery? I love it. Not just pretty diaries and notebooks, but common staples like bulldog clips and folders too. There may be a luxury item thrown in there, but I’ll make sure I’m stocked and ready to face the new financial year. Oh, and it’s a business expense too. Winning.
Buy a new printer
Our printer is on its last legs. I must say it’s been very good to us and has managed to last over 10 years. But it’s time to say goodbye to the clunky and hello to bright and shiny. The best part is that because it is an expenditure under $300 I don’t have to worry about figuring out the depreciation the work-related portion of use. It is a straight tax deduction.
I’ll be creating a spreadsheet and digging out the previous year’s costs for mortgage interest, home insurance, rates, energy bills, mobile and internet costs. That way I’ll have all the relevant running costs of running my home office at my fingertips.
Sprucing the figures
I recently invested in an accounting app and it’s changed my life. I love looking at all the figures (I wanted to be an accountant when I was young) and making sure everything is placed in the correct category. I will make sure I set aside a couple of hours to ensure that the numbers are looking shiny, all ready for my accountant.
Dust off the strategy
I like to keep my business plan up to date and regularly refer to it to make sure I’m on track. I’ll be looking at my figures and stats to determine how I can make some positive changes in the coming year.
Celebrate with a glass of bubbly
After all this, you will find me kicking back on Friday night with a glass of champers in hand. Because running your own business is hard work. And whilst I’m not making a six figure salary, I will be celebrating the fact that I even gave this business thing a go.