What do Australian businesses need to be across in EOFY 2018?

What do Australian businesses need to be across in EOFY 2018?

With the 2017/18 financial year nearing its end, the team at Oncore Services explain more about specific EOFY functions and what can be done now for a successful 12 months ahead.

Maintaining clean record keeping and financial compliance

For business leaders, EOFY is all about getting the books in good order.

Have your books in order by EOFY.Have your books in order by EOFY.

Working out what tax deductions are available

Does your business have motor vehicle expenses or travel expenses or has it set up a website in the last 12 months? The period before June 30 can be a great time for investment. If your business was going to purchase a new fleet vehicle over the next few months, for example, you can instantly write-off the full amount as long it's below $20,000.

Other common qualifying expenses which can be claimed include work related mobile telephone expenses, laptops, subscriptions to professional bodies and work related travel.

Reviewing finances with the professionals

As mentioned above, not only does this time of year allow business leaders to wrap up their operations over the last 12 months, it can help to set a course for success in the next 12 months.

Make EOFY a time for positive goal-setting.Make EOFY a time for positive goal-setting.

What role can Oncore have in EOFY functionality?

Oncore's flexible contractor management solutions can make a difference. We can process your expenses. With greater oversight across invoices, payroll, timesheets and other functions, you're able to make better business-critical decisions moving forward into new financial years. We will look after your contractors so you can look after growing and developing your business as a whole.

If you would like more information on how Oncore Services can improve your business, reach out to our expert team today – we look forward to hearing from you!