How to Minimise EOFY Stress
Results from a 2018 survey found that businesses are spending way too many hours at work during the end of financial year.
About a third or 37% of small business owners work weekends to make sure they are on track for tax time while 21% admitted they spend long nights at the office to ensure everything is set by 30 June. This means less sleep time for business owners as well. Another survey found that the average entrepreneur clocks in only about 4.5 hours of sleep because of work.
When combined, lack of sleep and exhaustion can lead to burn out and have a severe impact on an individual’s ability to perform at work. More alarming is the fact that spending way too much time at work takes away time from family.
Effects of EOFY stress
The cumulative effect of heavy workloads, extreme pressure, and depleting physiological reserves can lead to stress and, in some cases, conflict with others. Ultimately, it affects productivity.
EOFY stress may affect your body, your thoughts and feelings, and your behavior. The mental, physical, and emotional toll of end of financial year may have grave implications on one’s financial health and that’s why it’s important to find and implement measures to curb the unnecessary effects of EOFY stress.
Strategies to avoid EOFY stress
First thing to remember is to get organised. Practice proper documentation—keep all receipts, track invoices and expenses. Being organised is one way to also curb stress and:
- Improve sleep;
- Improve relationships;
- Reduce anxiety;
- Free up time and energy; and
- Make you more productive.
Have a good idea of how much tax you owe
Transition to the next financial year more seamlessly by figuring out how much tax to pay. Know which bracket you belong to and then work out the rest of your budget. Having an accountant will make this easier.
Several purchases made during the financial year are tax-deductible. As long as they are work-related, individuals may be able to enjoy tax savings by claiming for specific expenses. Here’s a list of deductions you can claim:
- Vehicle and travel expenses;
- Clothing expenses;
- Home office expenses;
- Mobile phone and internet expenses;
- Overtime meals;
- Self-education expenses; and
- Tools and other equipment.
Take advantage of rebates and write-offs
Aside from tax deductibles, the Federal Government has measures that allow for more tax savings especially for those who run their own businesses, like the proposed instant asset tax write-off scheme.
There are many schemes which have been temporary changed due to COVID-19. Click here to find up to date financial news on COVID-19.
Planning ahead will always be one of the most effective ways to avoid stress during the end of financial year.
Get peace of mind by transitioning to the new financial year seamlessly. Our professional advisers can make this process so much easier.
Talk to us by scheduling a consult here.
Want to know more?
With Government stimulus announcements coming out frequently, we are constantly updating our tools and information for you. Please click here to view our latest material.
Below are some articles that may interest you:
- Are you entitled to the Federal Government Stimulus Package
- Government Stimulus Package for Business
- Government Stimulus Package for Individuals
- Australian Tax Office Relief
Worrying about how this EOFY may impact you or your business? Our Modoras team members are here to help you build a resilient business. Contact us on 1300 888 803 book a catch up with a Modoras professional.
IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.