For most businesses, the end of the financial year is fast approaching, so it’s time to get our ducks in a row. Here’s our top 4 things that you might want to tackle before the clock strikes midnight on March 31st:
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Give your outstanding invoices a gentle nudge. Or maybe a decent shove if they are well past due… It’s always nice to start the new financial year with a healthy cash flow!
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Take a good look at where your money has gone over the course of the year. Anything you can trim back on?
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If you’ve got inventory, get ready to count it up. Not only will it help you plan for the year ahead, but it may have an effect on your tax position
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Maybe most important, take a moment to look back on the year and set some goals for the next one. It’s not only the numbers that matter.
A bit of planning now will help set you up for a solid start to the 2026 financial year.
GST by accident?
This mainly applies to houses, but it can affect other assets to, accidentally falling into the GST net. For example, if you had a house on Air BnB and it resulted in you needing to register for GST, depending on when the asset fell into the GST net, there is a provision to now remove it. However, that provision closes on the 31st of March.
So, if you have an asset that really shouldn’t be in the GST net and you want to get it out, now is the time to be looking to do that. If this might apply to you, get in contact!
What can you control?
“Do not let what is out of your control interfere with all the things you can control” – unknown.
If you’d bothered to read or watch the news of late, there is an awful lot going on – both domestically and around the world – that could have a huge effect on little ol’ NZ. There has been plenty of commentary about how this is all going to play out – from a changing world order to what will happen with interest rates and everything in between, with most of this commentary being of the doom and gloom variety.
Unfortunately, we have very little control over these macro events. And while it can be fascinating to follow these events, it can also become consuming. Particularly when the economy is doing poorly, it becomes easy to view everything through that same lens. When that happens, there is a risk that we then can’t see the forest for the trees. In turn, this can make our situation seem worse than it is.
Chances are, nothing is as good or as bad as we expect. So, as the quote says – Do not let what is out of your control interfere with all the things you can control.