With many people starting to slow down for the year and preparing to enter holiday mode, there are a few simple things you can do now to start 2026 off on the right note.
While your competitors take their foot off the accelerator, you can hit the new year raring to go with some planning before Christmas.
Review 2025
We are nearly at the halfway mark of the financial year. It is the perfect opportunity to review stock levels and outstanding invoices, as well as your goals and budgets.
-Check in on overdue invoices. Is there anyone who needs a nudge to pay before the end of the year? Now is the perfect time to send a reminder to get payment in before people break for holidays.
-Stocktake. While this should ideally be completed monthly, now is the next best time to ensure your stock levels are accurate!
-Have you met your business goals? What can you change to meet that goal in the next six months. If you’ve already smashed your goals, now is the time to set some new ones!
-Review your spending compared to your budgets to understand where the money has been spent. Are there any adjustments to be made in any area?
-Look at your pricing. Have your expenses increased? If you need to increase pricing in 2026, now is the time to prepare your clients for this rise.
Get your tax time docs in order
Rather than leaving everything until July, now is a great time to start gathering important documents for tax time.
-Reconcile your accounting software. Spending 10 minutes now will save you a headache in July when you can’t remember where you put that receipt.
-Records. Do you need to complete a motor vehicle log book or home office diary this year? You can find our useful templates on our website to make the process of data collection easier. Find them here
Stay ahead of any changes
This is an ideal time to plan for any key changes happening for your industry or small business in 2026.
-Are you aware of any industry changes that will impact your operations? Chat to industry peers or consult with your peak body to understand any changes in the pipeline.
-Prepare for changes. From 1 July 2026, Payday Super is being introduced. This means employers will need to submit employees super contributions on the same day they are paid. In addition, the Small Business Clearing House is closing down, so you may need to find an alternative way to process super payments. You can find out more here.
If you’d like help setting realistic financial or tax goals for your business in 2026, we’re here to support you. We offer advice sessions year-round. Get in touch via office@ultimate-tax.com.au or call 61443370.
All content, information and materials (including oral and written) delivered, broadcast, performed or disseminated at any seminars, conferences, webinars, and other public events hosted by Ultimate SK Pty Ltd trading as Ultimate Tax & Advisory (Ultimate Tax & Advisory) are of a general commentary nature only. Such content, information and materials do not constitute personal or general financial or taxation advice and should not be relied upon by the viewer for any such purposes. Ultimate Tax & Advisory does not warrant or represent that any content, information and materials is suitable for any specified purpose or for any specified individual and specifically disclaims all liability in respect of any reliance placed on any such content, information and materials by any third parties.
