Are you ready for eofy?

​As the end of the financial year (EOFY) approaches, it's important for business owners to start preparing their finances and tax obligations to avoid any last-minute hassles. By taking a proactive approach and getting organised before the EOFY, you can ensure that your business is compliant with tax regulations and maximise your tax deductions. Here are some things to consider when preparing for EOFY: 
 

• Review your financial statements: Before you start preparing your tax return, review your financial statements to ensure they are up-to-date and accurate. This includes your profit and loss statement and balance sheet.
• Collect and organise receipts: Keep track of all your business expenses and ensure that you have receipts or other documentation to support them. Make sure that all expenses are categorised correctly and that you're not claiming personal expenses as business expenses. 
• Check your stock levels: If you carry stock, it's important to perform a stocktake and ensure that your stock levels are accurate. This will help you determine your cost of goods sold and the value of your stock for tax purposes. 
• Review your debtors and creditors: Review your accounts receivable and accounts payable to ensure that they are accurate and up-to-date. Follow up on any outstanding debts or invoices before the end of the financial year. 
• Consider pre-paying expenses: If you have any expenses that are due early in the next financial year, you may be able to pre-pay them before the EOFY to claim them as a tax deduction in the current financial year. 
• If your business employs staff check that your reporting obligations are up to date.  Keep in mind that the superannuation guarantee rate and payroll tax rate will change on 1 July 2023.
• Consult with your accountant: Speak to your accountant before the EOFY to get advice on any tax planning strategies that may be available to you. Your accountant can also help you prepare and file your tax return and ensure that you are compliant with all tax regulations. 

 
 
By taking the time to prepare for EOFY, you can ensure that your business is in good financial health and minimize your tax liabilities. Don't wait until the last minute – start preparing now to make the most of the opportunities available to you. For more information or to schedule a consultation with one of our experienced accountants, contact us today.