Tick, tock – yep, tax time is just around the corner. In 6 weeks, your business’ books will close for the year. Are your EOFY preparations underway?
The secret to a successful year-end is to be on top of your accounting and bookkeeping throughout the year. However, we understand that when you’re running your own business, everyday matters can interfere and push you behind schedule. Here, we share our Essential EOFY Checklist to help you get your tax planning back on track.
Dexterous Group’s Essential EOFY Checklist
- How did your business perform?Review your financial data and reports to ensure you understand your financial health. Are you forecasting and managing your cash flow effectively?
- Are your records up to date?Check that your payroll, accounts payable, accounts receivable and expenses are up to date. Keeping up with routine bookkeeping is essential to ensure that your business is ready for this year’s tax return.
- Do you know what tax deductions or concessions you can claim?Refresh your knowledge about what deductions and concessions you can claim against. Plus, check your receipts and expenses are up to date. Behind? Ask us how we can help you prepare for EOFY.
- Are your superannuation payments up to date?Did you know that late superannuation payments aren’t tax deductible? Examine your records to check if you’ve been meeting all your employee entitlement payments throughout the year.
- Did you meet every ATO due date this year?Review your diary and ensure your ATO requirements are up to date. Late submissions can attract penalty payments.
Are you on track for EOFY?
How did you rate on our EOFY Checklist? Please book your year-end tax meeting with us to ensure that you can minimise your income tax. If you are an existing customer or a prospective customer we’re here to help.
As 30 June approaches it’s important you know what you can and can’t claim. Perhaps those payments you’ve been putting off until later in the year are better paid now to give you a tax deduction?
Our Tax Team is here to help you work through tax time. Our charges are as follows;
- Minimum 30 mins block – $100 ex GST
- Hourly rate $200 ex GST