Brother International Australia executives share EOFY advice for small business | Appliance Retailer

The past financial year has been one of the toughest Australians have faced in decades with progressive price increases in energy, location fees, material hard costs and more, meaning almost every business from retail to warehousing has felt an impact.

The result is a greater reliance on tax refunds with recent research showing that approximately one quarter of Australians consider the EOFY cash injection to be important to their budgets.

Brother International Australia pre-sales solution specialist, David Molloy and managed print services (MPS) specialist, Stephen Nicholls (pictured) have shared their advice on how business leaders can set themselves up for success.

The first piece of advice to any small business owner is to be aware of the latest rules and regulations implemented by the Australian Taxation Office (ATO). ATO guidelines change regularly and the procedure for processing a tax return as an individual is vastly different for businesses.

The ATO’s tax time toolkit for small businesses is an excellent first point of reference. This is also extremely useful for Australians who have started side hustles or home businesses in the past year. Those new business owners may be less familiar with the expenses that a deduction can be claimed on – for instance, occupancy expenses, running expenses, or even on business travel when running a home-based business.

To this point, planning ahead and understanding legal obligations for the data, documents and receipts required is critical. But, as a general guide, backup everything. From here, business leaders should create and document all processes for staff to ensure that everything is captured and documented accordingly. Then, next financial year, review those processes and ask what could be done better for next year.

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