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What should business owners remember in the financial New Year?

By Greg Bell

If you own commercial property on the Gold Coast, it's likely that you run a business in the region too. Of course not every owner of this type of property runs a business out of it, but those that do will have been filing away their paperwork and crunching the numbers on their taxes recently. The turn of the financial year brings the need to finalise statements and claim deductions, which can prove to be a hassle.

For those who own property or are perhaps engaged in retail leasing on the Gold Coast, there are simple easy ways to stay on top of your company's taxes this financial New Year.

Check your record keeping

If you are yet to get your house in order, it's about time to do so. Stocktake processes, a compilation of your supplies, debtors and creditors, asset purchases and more are all going to have to be kept organised and orderly. 

On top of this, make sure your paperwork for PAYG withholding taxes, GST and fringe benefits tax is sorted. If you're undertaking retail or industrial leasing on the Gold Coast, make sure your rental payments are accounted for. You can't file your taxes with everything in a state of disarray. It's a good idea to start the new financial year on the right foot and have your filing system clearly laid out as well. 

Check your deductions

One of the best things about tax time is the ability to claim deductions against your income as a business owner. As long as an expense is directly linked to your income stream, you should be able to claim it as a deduction. This includes equipment or software expenses, travel costs, ongoing maintenance for your commercial real estate on the Gold Coast and more. 

As we said above, keeping records is important, or you may not be able to claim the full amount you otherwise could. And don't forget the recent changes to tax in the Federal Budget! Where you previously could only claim deductions on equipment purchases for your business up to $1,000, you can now do this for anything that costs up to $20,000. Make the most of it! 

Make some resolutions

The new financial year is already underway, but that doesn't mean it's too late to make some great resolutions. Think about your financial goals for the year, and how your business can achieve them. Do you want to hire more staff? Purchase new human resources software? Perhaps expand into a new piece of industrial real estate on the Gold Coast? Whatever you need to do, now is the time to plan for it. 

Meeting with your accountant or other relevant professional is an excellent step here, as they can help you keep track of how your finances are doing, and what will be a sound business strategy for the coming months.

Check your insurance

You can't move ahead without the appropriate protection. Checking the insurance policies for your business is crucial as you plan ahead for the coming financial year. Are your staff protected? If you have moved into a new retail leasing agreement on the Gold Coast, do you need to update everything?

Insurance is your safety net, and any changes you make for the coming year need to be kept up with in your policy.

Some businesses wish to expand their floor space, while others simply want to consolidate and focus on one particular area. Whatever your situation, if a new commercial leasing arrangement on the Gold Coast is what you need, make sure to talk to Ray White Surfers Paradise about it. 

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