As we embark on a new financial year, it's time to reflect on our journey thus far and embrace opportunities that may lie ahead. It's a perfect moment to assess our financial practices and ensure we make the most of this new chapter by taking a stroll down memory lane and explore the "should have done" moments from last financial year.

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Why haven’t I got a separate Business Bank account!

This "shoulda" moment always hits hard when preparing to lodge Tax Returns. We are all guilty of it but there are huge benefits of having a dedicated business bank account. Imagine the ease of tracking expenses, monitoring cash flow, and keeping our personal and business financial lives separate but in harmony. Let's not dwell on the past; instead, let's make it a priority to open that business bank account and embrace the power of separation!

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Mastering Taxes with a Smile: 

Income Tax, GST if applicable, sounds like a drag, right? Fear not! Get ahead of the game by setting aside 25% - 30% of each payment you receive into a savings account. It's like building your financial fortress for the year! If you want to sleep soundly perhaps consider periodic payments to the ATO using the PAYG service. No more last-minute scrambles, just pure peace of mind!

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Invoice Hide-and-Seek: 

Reconciliation woes got you down? Let's change the game! Make it a habit to regularly check your newly created business bank account for payments and record them against invoices,do this like once a week or every two weeks tops. Say goodbye to scrolling through endless transactions and the dreaded realization that an invoice from eight months ago slipped through the cracks as asking for payment now seems rather embarrassing and a little unprofessional. Don't be shy, chase those payments with confidence and keep that cash flow in check!

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Supercharge Your Superannuation: 

Don't let regrets haunt your retirement dreams! FY 2024 brings an increase to the Superannuation rate of 11%, up from 10.5% last year. Make the most of it by contributing before the financial year ends. While it's taxed at 15%, it's still likely better than your income tax rate. Avoid massive "shoulda" shock at retirement and enjoy a secure Superannuation balance in the future!

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As we embrace the new financial year, let's infuse money management with a touch of fun. Separate your finances with enthusiasm, prepare for taxes like a pro, stay on top of invoicing with a grin, and supercharge your Superannuation without looking back. Remember, it's never too late to make a change and set ourselves up for success.