Is the Due date circled in your Calendar?  

May 15th is circled in red for a lot of our client’s calendars. It’s the due date for the End of Financial Year taxes for 2023-2024. After that date, your taxes are officially late, and you may face fines.  

It’s a stressful time for a lot of people, and us included. Here at Northwest Accountancy, we have a great team, which helps with support when clients are starting to get stressed. Paperwork is a necessary admin task, and when it’s not handled during the year, it becomes a problem.  

We do understand. Sometimes our private paperwork isn’t entirely up to date either. But we don’t like preventable fires, and that’s what tax stresses often are. 

What we, as accountants, want you to know.   

• It’s going to be okay!  

• Please keep receipts as well as your records!  

• It’s not just about reporting your income, it’s also about planning for your income and your taxes.  

• I need more coffee. Or in some cases, tea. Or margaritas. Or all three. 

• We’re on YOUR side. We want you to pay as little tax as legally possible.  

• Last minute rushed paperwork means you might miss important deductions.  

• We need cake.  

• We need you to track your expenses so we can use them as deductions.  

• Business structure is an important aspect to tax minimisation.  

• As accountants, we see the big picture of your business. It’s not just how much you earned, it’s also expenses, cash flow, and investments. There’s so much going on in your business at all times.  

• End of Financial Year is also a great chance to understand the previous year and then use that wisdom in the new Financial Year. If you leave it too late, your knowledge is less current.  

We enjoy our work, and love helping you to get great tax returns and making sure your business is running like a well-oiled car.  

Preparation can mean saving money, reducing taxes and more... but timing is key. 

One of the big bonuses of getting in control of your taxes during the same financial year is that with some foresight on how you are tracking, there are steps you can take to make the most of your money. June is often the time for making last minute payments or purchases to work within tax compliance requirements and still find reductions.   

Life often gets in the way of best laid plans, and the ongoing paperwork of running a business often gets left behind. If you really want to increase your cash flow, get your taxes under control and make sure you’re getting the very best from every dollar you receive, then talk to us about how we can help you.  

We have courses and support for Unexpected Bookkeepers, coaching and support for CEOs and Business Owners, plus planning, tax preparation and more. Give us a call on 08 9185 9400 or drop an email to Helen at [email protected]