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5 things to do before 2016 ends

As the end of 2016 fast approaches, there’s a few things to remember to get your business, and your family, on track and ready to start 2017 on the front foot.

  1. BAS extension
    Remember the Australian Taxation Office (ATO) gives you a little bit more time to lodge and pay your quarterly business activity statement. So take your time to get that second quarter BAS right. It’s due on 28 February.
  2. Budget for back-to-school
    Consider your January expenses before you blow out in December. Checking out the school and classroom supply list and first term school fees now, will give you an idea of what you’re in for come January. Look out for back-to-school specials or coupons.
  3. Celebrate the silly season
    The festive season is all about spending time with friends and family. It’s a time for fun, not regret. So remember it’s not about how many presents you buy or buying the most expensive gift. One of the best ways to enjoy the time off is to live within your means and look for creative (not expensive) ways to celebrate.
  4. Paying off your degree
    Until 31 December 2016, the ATO are offering a 5% bonus if you make a voluntary Higher Education Loan Program (HELP) repayment of $500 or more. If your HELP debt balance is less than $500 and you make a voluntary repayment to payout the debt, you will get a 5% bonus.
  5. Reward your team and your customers
    Christmas is a time for caring and sharing, so take some time to thank your team. Celebrating the year-end with your employees is a great team building exercise. A happy team can really improve your bottom line. Don’t forget your clients or customers either, even the simplest of gestures like a hand written card or a phone call is a nice way to let them know you appreciate them.
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Helen Ruddy

About the author

Experienced Accountant, Helen Ruddy joined the BMO team in April 2013 with a background in accounting and agribusiness-banking roles based at Miles and St George. With a Bachelor of Commerce under her belt and qualified CPA status, Helen brings with her strong qualifications in accounting and taxation. While at university, Helen was admitted to the Dean’s Honour Roll for Outstanding Academic READ MORE

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