Home > Updates > Tips to get your business ready for year-end and the year ahead!
The 2023 financial year-end is just around the corner. Now is the time to ensure you work through a year-end process (see below) to maximise your tax deductions and minimise your tax bill. Now is also a great time to finalise goals for the 2023/2024 financial year.
Speaking to your Nexia advisor about goals, budgeting and forecasting is a great way to get a plan in place for the year ahead. Quarterly review meetings throughout the year to analyse trading against the goals and forecasts can ensure efficient and timely actions are taken to keep you on track. Please get in touch so that we can discuss and agree the arrangements that will suit you best.
Minimum wage is going up on 1 April 2023, so please be sure to factor that into any budgets for the 2024 financial year. The adult minimum wage will go up from $21.20 to $22.70 per hour and the starting-out and training minimum wage will go up from $16.96 to $18.16 per hour. Make sure you allow extra time to implement these changes to your payroll system during the changeover. If you need any assistance with this, please contact your Nexia advisor.
Must do’s before 31 March 2023:
In summary, putting aside time to consider the above before you race into the new financial year will help ensure you maximise your tax deductions for 31 March 2023 and ultimately lower your tax bill. If you have any questions, please speak to your Nexia advisor or contact us via our general contact details.