As June rolls around, it’s time for small business owners to shift their focus to the End of the Financial Year (EOFY). Preparing for EOFY not only involves wrapping up your accounts but also planning for the year ahead.
It’s a crucial time to ensure everything is in order, all the way from your financial statements to tax obligations. Here’s your essential EOFY checklist and key dates to keep in mind, ensuring a smooth transition into the new financial year.
EOFY Checklist for Small Business Owners
- Review Your Accounts
Ensure all financial transactions are accurately recorded. This includes reconciling your bank accounts and reviewing debtor and creditor lists. - Inventory Check
Conduct a stocktake if required, especially if you carry inventory. This is essential for reporting the correct value of your stock at year-end. - Expense Review
Identify any prepaid expenses or accrued expenses to ensure they’re correctly accounted for. - Asset Register
Review your asset register for any assets purchased, sold, or disposed of during the year. This affects your depreciation calculations and tax deductions. - Debt Review
Assess the recoverability of any outstanding debts. Bad debts must be written off before year-end to claim a deduction. - Employee Superannuation
Ensure all superannuation contributions are up to date. Contributions must be paid by 30 June to claim a tax deduction in the current financial year. - Tax Planning
Consult with your accountant or financial advisor to explore tax planning opportunities. This might include deferring income or bringing forward expenses. - Budget for the New Financial Year
Set your budget for the upcoming year, considering any changes in your business strategy or market conditions.
Key Dates to Remember
- 5th June
- Deadline for entities to lodge tax returns due on 15th May 2024, provided they are non-taxable or received a credit assessment in the latest year lodged. This includes companies and super funds but excludes large and medium taxpayers and head companies of consolidated groups.
- 21st June
- Lodge and pay the May 2024 monthly business activity statement.
- 25th June
- Deadline for lodging the 2024 Fringe Benefits Tax annual return for tax agents if lodging electronically.
- 30th June
- Super guarantee contributions must be paid to qualify for a tax deduction in the 2023–24 financial year.
How Accounts All Sorted Can Help You Prepare for the New Financial Year
At Accounts All Sorted, we understand that EOFY can be a stressful time for business owners. Our bookkeeping services are designed to ease this stress, providing you with comprehensive support that includes financial reporting, payroll services, BAS and IAS preparation and lodgement,
With the right checklist and support, a stressful EOFY can be a smooth sailing process! Taking these small steps not only helps you comply with your financial and tax obligations but also sets a solid foundation for the year ahead.
Ready to get your accounts all sorted? Contact us today to see how we can help streamline your EOFY preparations and propel your business forward into the new financial year.
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