As the end of the financial year approaches, it's crucial to ensure your independent support worker business is ready. With just one month left, here are key steps to help you close out the year strong and set the stage for future success.

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1. Review and Organise Financial Records

Ensure all your income and expenses are accurately recorded. Organize receipts, invoices, and bank statements. This will make tax preparation smoother and help identify any discrepancies early.

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2. Maximise Deductions

Identify all deductible expenses, such as office supplies, travel costs, and professional development courses. Taking full advantage of allowable deductions can reduce your taxable income and increase your refund. If you are in need of a new laptop for work purposes, now's the time!

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3. Update Client Records

Ensure all client information is up to date. Accurate records help maintain a professional image and streamline any future audits or reviews.

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4. Reconcile Accounts

Balance your accounts to ensure your books match your bank statements. This is crucial for accurate reporting and financial health.

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5. Plan for Next Year

Consider your goals for the upcoming financial year. Whether it’s expanding your services, investing in new tools, or enhancing your skills, planning ahead can set you up for success.

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6. Consult a Tax Professional

If you're unsure about any aspect of your tax obligations, seek advice from a tax professional. They can provide tailored guidance and help you avoid costly mistakes.

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