Question 1

🔨 Income & Invoices 0/4 Done

Accepted Answer

Reconcile all payments in Xero or MYOB. Chase unpaid invoices before June 30. Log cash payments from jobs. Write off bad debts (unrecoverable invoices).

Question 2

🪚 Expenses & Deductions 0/4 Done

Accepted Answer

Collect receipts for tools, PPE, materials. Track vehicle costs (logbook or ATO rates). Log home office costs (power, internet). Prepay expenses (e.g., insurance, rent) up to 12 months.

Question 3

🛠️ Assets & Depreciation 0/3 Done

Accepted Answer

Claim $20,000 instant asset write-off (by June 30). Update asset register for purchases/sales. Calculate depreciation for tax deductions.

Question 4

🔧 GST & BAS 0/3 Done

Accepted Answer

Verify GST if registered. Prep BAS for April-June (due July 28, 2025). Reconcile GST with bookkeeper.

Question 5

📏 Payroll & Superannuation 0/4 Done

Accepted Answer

Finalize Single Touch Payroll (STP) by July 14, 2025. Pay employee super by June 30 for deductions. Check personal super ($30k cap for 2024-25). File TPAR for contractors (due August 28, 2025).

Question 6

📋 Record-Keeping 0/4 Done

Accepted Answer

Back up Xero, receipts, statements. Sort PAYG summaries and tax docs. Keep records for 5 years (ATO rule). Value obsolete stock for tax write-off.

Question 7

💸 Tax Prep 0/4 Done

Accepted Answer

Book a session with CoActise’s bookkeepers. Check deductions (tools under $1,500, gear). Review ATO’s tradie guide at ato.gov.au/tradies. Explore R&D tax incentives if applicable.

Question 8

📈 Strategic Planning 0/2 Done

Accepted Answer

Review business structure with accountant. Set FY25/26 budget and cash flow forecast.

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