End of financial year checklist

Start by organising your business records. Having accurate and up-to-date records makes lodging your tax return and other EOFY tasks much easier.

These are some of the tasks you may need to do:

• Prepare a profit and loss statement to know what your income and costs were for the financial year.
• Review who owes you money (debtors) and who you owe money to (creditors). This helps you report your business’s financial position, complete bookkeeping and prepare tax returns.
• Collect records of any assets you’ve bought or sold and any spending you’ve made to improve them. You’ll need these to calculate depreciation deductions and capital gains tax.
• Make digital copies of paper documents and back up your digital records.

Every business is different. Make sure you check what else you need to do to get your records ready for EOFY.

For more information, visit the Australian Taxation Office (ATO) website, call the ATO on 13 28 66 or talk to your tax professional.

Find out what you can claim before you start your tax return. This will help you maximise your return and make sure your tax declaration is correct.

• Check which business costs you can claim as tax deductions. Only claim those that are relevant to your situation.
• Find out if you’re eligible for any small business tax concessions to help you reduce the amount of tax you pay.
• Write off any bad debts or obsolete assets before 30 June to claim a tax deduction.
• Keep records to support your claims. If you’re a sole trader you can use myDeductions – a free record-keeping tool in the ATO app that makes it easier to keep records in one place.

Make sure you meet all your EOFY tax and reporting obligations to avoid penalties and keep your business running smoothly.

Get help from an accountant or business adviser if you’re not sure what your obligations are.

These are some of the tasks you might need to complete:

• Do a stocktake as close as possible to the end of the income year.
• Finalise pay as you go (PAYG) withholding through Single Touch Payroll.
• Lodge fringe benefits tax (FBT) and goods and services tax (GST) returns.
• Meet your superannuation obligations.
• Submit an annual payroll tax return (if you’re registered for payroll tax).
• Check you’re using a registered tax agent. Look for their name in the Tax Practitioners Board Register or a registered tax practitioner symbol on their website.
• Lodge your income tax return.
• Lodge company financial reports with the Australian Securities and Investments Commission (ASIC).

Review your business performance and set your direction for the new financial year.

• Review your finances and measure your results against the goals you set at the start of the financial year.
• Review your business plan and marketing plan and assess if your current strategies are working.
• Explore ways to improve your cash flow.
• Set new goals and priorities for the next financial year and add them to your plans.
• Review your business structure. Make sure it suits your needs as your business grows or changes.
• Stay up to date with any tax changes for the new financial year. Subscribe to the ATO’s small business newsroom for the latest updates or talk to a tax professional.