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EOFY top tips
22 June 2014
Larke Riemer’s EOFY – short, sweet tips for what to do next
EOFY: the acronym that marks the end of the financial year - and resembles some sort of sticky pudding dessert - has exploded across every category of marketing this year.
EOFY - once the exclusive domain of tax accountants and the ATO - has had its wagon hitched to all manner of lovely pastimes. For example, philanthropy made heavy use of it to remind us all to give generously before June 30 – good for them… and us as a tax deduction.
New car run outs, retail sales, tech sales for business and pleasure, online sales, you name it and they were hooking into the EOFY pie.
I know I’ve made sure my super met the thresholds and I would encourage anyone who forgot this year to write it in their diary for next year. From the 2014/2015 financial year you will be able to contribute up to $35k as a concessional (before tax) contribution into super.
Also, as of July 1, the Super Guarantee rate will increase from 9.25 percent to 9.50 percent.
I’m also engaged in what I call the getting ready phase, the time when I tap into the systems I have in place to make a smooth transition into doing my tax return. I know many business women are moving forward into the new financial year (NFY) with a positive sense about the business climate and what the future holds because of the care they have taken in the past and the confidence they have. (I’d also recommend, because women tend to think of themselves last and are remiss when it comes to their own Super, if you’re expecting a refund think about investing in retirement planning?)
Recently, we had Westpac CEO Gail Kelly speak at lunch for more than 500 guests in Melbourne. (It was great to see so many men in attendance.) One of Gail’s topics was workplace flexibility. However, what she had to say about adopting and making flexible practices work in business for everyone made sense on a wider, general business practice scale. This NFY build your business around the behaviours of the majority, around what’s happening in a consistent and reliable way every day. Don’t build it around aberrations.
We are gearing up for the launch of Westpac and the AFR’s 100 Women of Influence, keep an eye out for the announcement on July 4 and get your nomination hats on for 2014.