End of Financial Year (EOFY) is coming up. It’s a busy time, especially for accountants, bookkeepers and businesses. There’s a lot to organise so that taxes can be properly filed and paid.
However, while there is the same deadline every year, most businesses put off dealing with the accounting until the last minutes. We’ve been working with Perth businesses for years, so here are a few things to help make your end of financial year easier.
If you’re new to this, it can be confusing and complex so either start early or get expert help. Doing this properly can take time and skill. You need to collect accurate employee information, calculate contributes and pay super as needed before EOFY.
Two weeks before EOFY, check who and what is owed to you. Do you have to chase anyone down or write off debts? You need to have your A/Rs up-to-date or you may accidentally overpay on your taxes. You can write off unpaid invoices over 12 months old and deduct the loss from your taxes.
Are you paying your bills on time? Being a good payor will help you succeed as business will give you better and faster service. It will also save on delay fees and interest. If you have recurring bills, set up auto-payments and prepay bills where possible. It will save you time and effort.
In the lead up to the end of the financial year, you should do a stocktake. This will help you to reassess your stocking procedures and write-off lost, damaged or outdated stock – decreasing the amount of tax you will need to pay.
A professional can ensure top-quality output, save you from significant errors and the costs that come with them. We are here to support you in reviewing your accounts and determining your tax position. Make sure to book your accountant early on so that we can help you continue on your journey to build a thriving and success business.
Equipment you’ve purchased this year is eligible for a tax deduction.
Take advantage of bulk purchasing. It will save you on costs and it will simplify your purchasing process and eliminate hassles caused by office supplies stockouts.
Talk to a financial planner. They can give you expert advice on investing and insuring your future. They can also do an EOFY review of your finances to calculate the best tax-deductive superannuation contributions. It can optimise your savings without impacting your business.
For your convenience, should you require broader advice around superannuation, our in-house superannuation accountant, Romana Pears is licensed to support you.