These practical tips may help you minimise EOFY stress for a more seamless transition to the new financial year.
This article is published by Modoras Pty Ltd ABN 86 068 034 908
Minimise EOFY Stress With These Tips
Are you one of the many businesses owners spending way too many hours preparing for end of financial year?
37% or about a third of small business owners work weekends to make sure they are on track for tax time while 21% admitted they spend long nights at the office to ensure everything is set by 30 June. This means less sleep time for business owners as well. Another survey found that the average entrepreneur clocks in only about 4.5 hours of sleep because of work.
When combined, lack of sleep and exhaustion can lead to burn out and have a severe impact on an individual’s ability to perform at work. More alarming is the fact that spending way too much time at work takes away time from family.
Effects of EOFY stress
The cumulative effect of heavy workloads, extreme pressure, and depleting physiological reserves can lead to stress and, in some case, conflict with others. Ultimately, it affects productivity.
- Emotional eating
- High blood sugar levels
- Weight gain
- Digestive problems
- Back pain
The mental, physical, and emotional toll of end of financial year may have grave implications on one’s financial health and that’s why it’s important to find and implement measures to curb the unnecessary effects of EOFY stress.
Strategies to avoid EOFY stress
First thing to remember is to get organised. Practice proper documentation—keep all receipts, track invoices and expenses. Being organised is one way to also curb stress and:
- Reduce stress;
- Improve sleep;
- Improve relationships;
- Reduce anxiety;
- Free up time and energy; and
- Make you more productive.
Have a good idea of how much tax you owe
Transition to the next financial year more seamlessly by figuring out how much tax to pay. Know which bracket you belong to and then work out the rest of your budget. Having an accountant will make this easier.
Several purchases made during the financial year are tax deductible. As long as they are work-related, individuals may be able to enjoy tax savings by claiming for specific expenses. Here’s a list of deductions you can claim:
- Vehicle and travel expenses;
- Clothing expenses;
- Home office expenses;
- Mobile phone and internet expenses;
- Overtime meals;
- Self-education expenses; and
- Tools and other equipment.
Take advantage of rebates and write-offs
Aside from tax deductibles, the Federal Government has measures that allow for more tax savings especially for those who run their own businesses, like the proposed instant asset tax write-off scheme.
Small business owners, through this scheme, may claim an additional $5,000 by writing off the depreciation on assets that are related to work immediately, instead of claiming smaller depreciations each year.
Planning ahead will always be one of the most effective ways to avoid stress during the end of financial year.
Get peace of mind by transitioning to the new financial year seamlessly. Our professional advisers can make this process so much easier.
Talk to us by scheduling a consult here.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (Number 233209). The information and opinions contained in this presentation is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals' personal circumstances have been taken into consideration for the preparation of this material. Any individual making any investment or borrowing decisions should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to borrow funds or purchase, sell or hold any particular investment. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of, credit contract entered into or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog may change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.
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