Is it just us, or does it feel like we just packed away the Christmas tree, blinked, and now the end of the financial year is hurtling towards us like a shopping trolley with a dodgy wheel?
Well, ready or not, June 30 is only two months away — and it’s the prime time to start getting your financial ducks (or maybe a few slightly confused chickens) in a row.
If you’re feeling a bit overwhelmed, don't stress — your friendly Tax Accountant Hobart team at Hills Accounting is here to help you tackle EOFY without losing sleep... or your sanity.
So, What Should You Be Doing Right Now?
First things first: Don't be the person rummaging through a shoebox of crumpled receipts at midnight on June 29. (One of our clients once wanted to claim $1,200 worth of “business lunches” — turns out, they were mostly Macca’s drive-thru runs. Spoiler alert: we fixed it - but the ATO would not be amused.)
Here’s a better plan
Get your paperwork sorted: Start gathering invoices, receipts, bank statements, and anything else that proves you spent money to make money.
Know what you can claim: Work expenses, donations, car expenses, home office costs — but remember, the ATO isn’t handing out prizes for creative writing. Your claims need to be legit!
Top up your super (if it suits you): Some extra super contributions before June 30 can be a smart move tax-wise.
Double-check your records: Especially if you’re running a side hustle. Missing income is a big red flag for the ATO — and not the festive kind.