Jeremy Tauri.
It's fast approaching March 31 and the end of the 2016 financial year.
While minds will turn to getting the books into the accountant for the taxman after this date, you'll need to do a couple of things beforehand to make sure your numbers are solid.
Do your stocktake: If
you carry inventory over $10,000 you'll need to provide a stocktake to your accountant. The value you'll provide will be at cost, but if you have items that are hanging around that are worth significantly less then get rid of them. It's a good excuse to have an end of financial year sale.
Write-off money you're not going to receive: Got a few problem clients whom you're unlikely to receive funds from and you've tried everything short of begging them for the money? You might want to consider writing the debt off.
If it's in the 120-day-and-over column and you're not even getting any small payments, the likelihood of getting paid is zero. To ensure you don't pay tax on money you're unlikely to receive, you need to write them off out of your ledger before March 31, 2016.
