End of the financial year is an important and busy time for small business owners, completing bookkeeping, tax returns and begin planning for the new financial year. Putting the hard work in each financial year can help you get your business organised and work smarter in the year ahead.
Here are some essential tasks for your end of financial (EOFY) year to-do list.
Record keeping and compliance
Some of your yearly responsibilities as a small business owner may include:
If you are unsure about your obligations, don’t hesitate to contact us.
Find out what tax deductions you can claim
Be sure to do your homework and know exactly what tax deductions you can claim. You may be able to claim deductions if your business:
Keep up to date with tax changes starting next financial year
There may be tax changes each year that you need to be aware of. These might include changes in tax breaks and deductions for small business.
Be wary of tax refund scams
There are a number of scams that target small business around tax time. Common tax time scams include:
Review your finances
Sit down with us and review your finances.
Look at whether you met your targets last financial year and what you can do differently next financial year.
Set performance targets for the year to help you stay on track. Create a cash flow forecast to manage any potential shortfalls and ensure you can still pay your staff and suppliers.
Review and update your business and marketing plans
Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help you to:
Review your business structure
As your business grows and expands, you may decide to change your business structure, or to restructure your business. There are different compliance and taxation regulations depending on your business structure.
Review your insurances
Check that you have the right insurances in place for your business. If your circumstances have changed, you may need to update your level of cover.
Read the product disclosure statements (PDS) for your insurance policies carefully – don’t assume you’re covered. Look up the definition of certain terms such as floods as they may vary among insurers.
Backup and secure your files
Backup and store your registration, financial and customer data, and other important business documents in a secure off-site location. This can help ensure your business can stay up and running during unexpected events, such as natural disasters.