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:
Some of your yearly tasks as a small business owner may include:
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:
If you are a sole trader, look at using the ATO app’s mydeductions tool to record your business income and expenses during the year.
Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help you to:
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.
Consider getting an insurance broker. A broker will work with your business to ensure it gets the best deal from an insurance company.
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.
Tags: EOFY, planning, tax returns
Categorised in: Articles