The end of the financial year is almost here. It’s time to get organised with our EOFY Checklist!
Your essential EOFY checklist for business to help you wrap up the year smoothly and set yourself up for success in the next:
✅ Complete outstanding tasks – Catch up on any unfinished tasks, whether it’s stocktaking, updating your profit and loss statements, reconciling accounts, finalising reports, or completing other admin duties. Start now to avoid the June rush!
✅ Gather records to claim deductions – Make sure all your receipts, invoices, and records are organised. This will help you maximise your deductions and reduce your tax bill. If you’re a sole trader, you can use the ATO app’s myDeductions tool to record your business income and expenses during the year ➡https://www.ato.gov.au/online-services/online-services-for-individuals-and-sole-traders/ato-app/mydeductions
✅ Check your tax agent is registered with the Tax Practitioners Board (TPB) – Ensure your tax agent is officially registered and up-to-date to avoid any issues with your filings or potential penalties.
✅ Keep up to date with tax changes – Stay informed about changes in tax laws or rates that could impact your business. Organise a meeting with your tax agent to make sure you keep ahead of any changes that have, or might occur within this tax year. Being aware ensures you’re fully compliant.
✅ Review your finances – Take a close look at your profit and loss, balance sheets, and cash flow. This will help you assess your financial health and plan for the year ahead.
✅ Beware of tax refund scams – With tax time comes scams. Be cautious of unsolicited messages claiming you’re entitled to a refund, and always verify with the official channels.
✅ Review your business & marketing plans – Reflect on your business strategy and marketing efforts. What worked well? What could be improved? Use this insight to adjust your approach for the next financial year.
✅ Review your business structure – Is your current business structure still the best option for your financial goals? Consider seeking professional advice to ensure you’re optimised for success.
✅ Check your insurances – Review your insurance coverage—are you fully protected? Make sure all your business assets and liabilities are adequately insured to prevent surprises.
Preparation ahead of time will ensure a stress-free EOFY, and a stronger start to the new financial year.
For further information and insights for your business, go to our Useful Information page.