EOFY checklist

Sunday 30 June is fast approaching! So it's a good idea to make sure you're on top of your tax return and planning for the new FY with this checklist.

Check the tasks you need to complete

This may include: conducting a stocktake, completing a profit and loss summary, meeting super obligations and lodging yearly reports or returns for different tax types such as: pay as you go (PAYG) inc. income statements for Single Touch Payroll, fringe benefits tax (FBT) and goods and services tax (GST).

More information is available from the ATO.

Can you claim a tax deductions or are there concessions you can claim

Deductions can be claimed for most business expenses, as long as they directly relate to earning your income. You must have records to prove the expenses that you claim as business deductions.

More information on Tax deductions.

More information on Concessions.

Stay on top of any tax changes

There may be tax changes for next year that you need to be aware of. For example, super guarantee changes. Stay up-to-date by subscribing to the ATO’s small business newsroom.

Do your finances need a review

Spend some time reviewing your finances to see if you met your targets and what you could potential do differently next financial year.

Stay alert for tax scams

Scammers tend to target small business around tax time with scams like refund scams where they claim you’re due a refund and tax owed scams where they claim you owe money. Be aware of these and find out how to protect your business.

Now maybe a good time to review your business and marketing plans

Regularly reviewing and updating your plans will set you up for the year ahead. Reviewing a tax time can help with setting your goals and priorities, help you assess whether your strategies are working and adapt to any changes you need to make.

Review your business structure

As your business experiences growth and expansion, you may need to alter or reorganise its structure. It's important to note that compliance and taxation regulations vary depending on the chosen business structure. Find out more.

Check your insurances

You may need to update your level of cover if your business circumstances change. Make sure to read your insurance policies carefully or contact your insurer to find out what changes you can make.

The above information is provided as a summary and a general guide only and is not specific to any one business. Different arrangements will apply to each individual business. Further information on EOFY obligations can be found on the ATO website.