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Essential tasks for the end of financial year

End of the financial year is an important time for small businesses, completing bookkeeping, tax returns and 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.

Also consider planning for the end of year as well. You should try to write off any debtors or assets before the year ends to claim a tax deduction.

Here are some essential tasks for your end of financial (EOFY) year to-do list:

Record keeping and compliance

Some of your yearly tasks as a small business owner may include:

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 law 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 your accountant or bookkeeper and review your finances.

Look at whether you met your targets and what you can do differently next financial year. Create a cash flow forecast to manage any potential shortfalls and ensure you can still pay your staff and suppliers.

Review your insurances

Check that your business has the right insurances in place. If your circumstances change, 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 certain terms such as floods as the definition 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 events such as natural disasters.

The Money Edge | Bundaberg


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