The End of Financial Year Checklist Every Business Owner Needs
The end of financial year is fast approaching, whether we’re ready for it or not. It’s not a surprise party, so you really should be doing everything you can to get your business prepared in the lead up.
Here’s how our team of expert business accountants want every business owner to approach June 30.
Your BEFORE June 30 Business Check List
Meet with your accountant to talk through your tax planning and goal setting for your business (and then action what you’ve spoken about!)
Chase any outstanding payments you’re waiting to come in, and make sure you’ve paid all your suppliers
Review & reconcile your accounts (make sure it’s all correct!)
Evaluate your expenses - take stock, evaluate if you are getting value for money from your purchases. Do you really need these expenses, are they still relevant?
Can you (or should you) buy anything through the instant asset write off scheme?
Inventory - the EOFY is a great time to take stock of how you’re tracking. We’d recommend arranging for a stocktake on 30 June to make sure any obsolete/out of date items are written off
Make sure you are organised for your EOFY reporting obligations - think about Single Touch Payroll (STP), Payroll Tax Annual Lodgements, TPAR and any other specifics for your business
Make sure your trust resolutions are prepared in accordance with your tax plan - are they signed?
Check your tax agent is registered with the Tax Practitioners Board
Think about your goals for the next 12 months - think about how are we going to track these and what plans will you put in place to achieve them.
Make a budget for the NEW financial year - think about what your goals are and plan how you’re going to get there
Take Your Business into the New Financial Year Confidently
We are passionate about giving you the clarity, time, and support you need to make smart, confident decisions, so you can grow a business you really love working in.
Ditch the chaos & start navigating your numbers with us now.
