With the end of financial year right around the corner, now’s a good time to review your business finances, start prioritising and plan for the next financial year.
Whether you’re looking to upgrade your vehicle or equipment, claim more tax deductions, improve cash flow, or make a big purchase – here are the steps you could take before 30 June.
1. Working out your deductions
If you’re a small business owner, do your research and find out exactly what tax deductions you can claim, opens in new window. Check with your accountant or financial planner too. You might be able to claim deductions if your business:
- has set up a website
- has motor vehicle expenses
- uses diesel fuel
- operates at home
- has travel expenses
- uses machinery, tools or computers.
The ATO’s myDeductions, opens in new window app is a free and convenient tool to use if you want to keep your expenses and income records organised in the one place. Check out our helpful business tools and calculators.
2. Work out if you'll prepay for certain products and suppliers
Sometimes a useful strategy to reduce your overall taxable income in the current financial year is to prepay for certain products, suppliers or services before 30 June.
In these cases, speak to your NAB banker, financial planner or your accountant to get a better understanding of your cash flow needs and deduction opportunities.
3. Update your NAB online banking details
From here, check that your business details are complete and up to date (including your ACN and TFN). If your details are incorrect, it’s more difficult for us to get in touch with you, which can delay refunds from the ATO.
It may also be a good idea to speak to your accountant or bookkeeper about deadlines and specific details you may need to provide to us before 30 June (e.g. withholding tax and payroll).
If you’re not registered for Internet Banking, NAB Connect could be a great alternative. It’s specifically designed for larger businesses with more advanced online banking needs.
4. Collect relevant statements and paperwork
It may be easier to lodge your tax return if you have your banking statements in order.
Here are some business details you could think about.
- bank or investment account details
- tax file number (TFN)
- bank details (BSB and account number) to receive any refund owed
- details from payments made
- statements from banks showing interest received
- employment summaries and group certificates
- multiple transfers and periodic transfer payment list (older than 90 days)
- receipts for gifts, donations and work-related expenses.
- dividend payments and distributions from managed funds
- investment gains or losses from selling shares, units or rental properties.
Rental or commercial properties
- rental income earned or paid
- interest charged on money you borrowed for the rental property
- any other related expenses, including expenditure on capital works.
You can collect eStatements by logging into NAB Internet Banking, or into the NAB App. In most cases, we’ll have up to seven years’ history of payments for eligible accounts. Keep in mind that each account is different, so there are different types of statements and summaries.
Using digital accounting software such as XERO, QuickBooks, opens in new window or MYOB, opens in new window could make this step much easier when it comes to assessing your cashflow, automating your bank feeds, and keeping track of your paperwork.
It’s also worth getting a real-time overview of how your business is performing with your banker. This could help support your financial position with lenders if you need to borrow funds.
NAB Connect could be a great alternative and offer more advanced features than Internet Banking.
5. Look ahead
The next 12 months are critical. Meeting with your accountant or bookkeeper to review your finances can help you prepare.
Here are some key questions you could think about, and how NAB may help:
Need help with cash flow?
Managing the ups and downs of cash flow may be critical for you over the next financial year. In this case, it’s worth considering fast and easy finance options, such as NAB QuickBiz Overdraft – which is specifically designed to help.
Looking to grow your business online?
A NAB QuickBiz Loan can provide you with the funds to get going now.
Need to upgrade your vehicle or equipment?
With a NAB Vehicle and Equipment Loan, we can help you pay for business vehicles, construction equipment, access equipment and forklifts up to five years old, as well as agricultural equipment up to seven years old.
Are you expanding overseas?
6. Be open to change and new ways of working
Lastly, it’s important to review your business and marketing strategies and plans, to make sure they're still meeting your objectives. Being open to review and change can help your business:
- recognise new opportunities and challenges
- identify and prioritise goals
- adapt to ever changing business environments
- work smarter.
Download our Marketing Plan template (PDF, 1MB), opens in new window. You can also read some helpful articles at our Business Moments Hub.
If growing your business matters to you, we’re here to make it happen.
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The information contained in this article is correct as of 1 May 2019 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.