End-of-financial-year checklist for small business owners in Australia
Being a small business owner, you are not only entitled to manage financial transactions. But you are also responsible for reviewing your business health before the end of the financial year arrives. It gives you an excellent opportunity to assess your business and to plan for the next financial year. Remember, staying planned and organized for the upcoming financial year is not just about ticking boxes. It’s about driving success for your business, so Registered Tax Agents Epping can help meet your purpose. In Australia, the fiscal year for small businesses runs from July 1 to June 30. Thus, EOFY is crucial for ATO compliance, performance evaluation, and planning for growth.
Be Proactive for your Business EOFY Checklist
Staying on top of your business obligations throughout the financial year helps in minimising tax liability. Thus, before the end of the year arrives, you should know a checklist of tasks to complete:
- Keep your Financial Records Organized
Making sure that your accounts books are up-to-date is crucial for EOFY tax preparation. You should have receipts, invoices, payments, bank statements, etc., neatly organized for Epping Tax Preparation. Thus, your accountants can check for discrepancies and remove them before the submission of returns. This will ensure compliance for your business and empower you to make informed decisions.
- Reviewing Business Financial Statements
The time of year-end is crucial since it influences you towards reviewing the financial statements of your business carefully. This may involve the process of reviewing balance sheets, profit & loss statements, and cash flow records. These statements are important for providing clear insights about the performance of your business. This displays what assets and liabilities your business owns, with a detailed review of revenue and costs.
- Preparing for Business Tax Returns
Once you ensure that to have financial records and transactions in order, it’s time to prepare tax returns. Tax Return Agents Epping compute your taxable income based on financial statements. Also, they assess eligible deductions and claimable expenses to minimize your tax liability. Getting expert help with tax filing ensures a timely return submission to stay compliant.
- Preparing and Lodging BAS & GST Returns
If your business is registered for goods and services tax, make sure you lodge BAS on time. Thus, you should reconcile GST paid and collected for your business. Also, you should review superannuation guarantee contributions for the end of the financial year. It is crucial to track key BAS and GST returns lodgement dates to avoid ATO penalties.
- Review your Business Plan & Strategy
Solid planning and strategy are crucial for the success of your small business. Therefore, with the help of reliable Epping Registered Tax Agents, you can review your business strategy for the next FY. You can consider business revenue and plan to increase it, especially if you are seeking a business transition. Experts can provide you with the right advice to help your business grow.
At Kirpa Tax, we can help you with EOFY tax preparation and planning. We offer the best Epping Tax Preparation services to our clients and ensure ATO compliance.
FAQ’s
When does the financial year end in Australia?
30th June is the last date for the financial year, and you should prepare for it. You should keep your account books ready for review of your business.
What is the task checklist to complete for EOFY?
Get the help of Registered Tax Agents Epping to review financial records, reconcile accounts, and prepare tax returns. You can contact Kirpa Tax to handle these tasks for your business.
How can I claim expenses for my business?
During Epping Tax Preparation, you can claim expenses such as office stationery, supplies, vehicle, etc. Expert tax accountants let you know about eligible tax deductions.
Why do I need to consult a tax agent or accountant?
You should consult Tax Return Agents Epping to handle the complexities of tax filing and prevent missing deadlines. Kirpa Tax is the right accounting firm you can contact.
What if I miss the tax filing deadlines for FY?
Missing deadlines for tax filing leads to fines and penalties for late filing. Consider the expert help of Epping Registered Tax Agents to ensure precise and timely tax filing.
How can tax accountants review my accounts for EOFY?
Tax accountants at Kirpa Tax review your accounts to ensure accuracy and compliance. They make a deep analysis of your financial statements and ensure ATO compliance.
Why is strategic planning necessary for the next financial year?
It helps you align resources and teams towards meeting your goals and guide investments. Accountants can help you track the progress of your business in implementing strategies.