As the Tax Accountant Hobart businesses know well, we often see small business owners arrive at the end of the financial year feeling overwhelmed by the amount of paperwork still waiting to be reviewed. The good news is that a little preparation before June 30 can make tax time significantly easier and help avoid unnecessary stress later.
Rather than scrambling at the last minute, focus on reviewing a handful of key financial records that can make a real difference to your end-of-financial-year position.
If you’re looking for assistance with EOFY preparation, you can learn more about our services at https://hillsaccounting.com.au.
1. Outstanding Invoices
Start by reviewing your accounts receivable list and identifying any unpaid invoices.
Knowing exactly who owes your business money provides a clearer picture of your financial position before the financial year ends. It may also give you time to follow up overdue accounts and improve cash flow before June 30.
Many business owners are surprised by how much money is sitting in unpaid invoices once they take a closer look.
2. Superannuation Records
Superannuation obligations should always be reviewed before the end of the financial year.
If you intend to claim a tax deduction for employee super contributions in the current financial year, the payments generally need to be received by the super fund before June 30. Leaving payments until the final days of June can sometimes create unexpected delays.
Reviewing your super records now may help avoid surprises later.
For additional information about business record keeping, the Australian Government provides guidance through Business.gov.au:
https://business.gov.au/finance/payments-and-invoicing/record-keeping
3. Vehicle Logbooks and Motor Vehicle Records
For businesses claiming vehicle expenses, accurate records are essential.
A current logbook, together with supporting documentation such as fuel receipts, servicing invoices and registration costs, can help substantiate claims if required.
If your logbook is out of date or incomplete, now is an excellent time to review it before tax time arrives.
4. Payroll and Employee Records
Payroll records should be checked carefully before the end of the financial year.
Reviewing wages, superannuation payments, leave balances and employee information can help identify discrepancies before annual reporting requirements begin.
Businesses using payroll software often find that a quick review now can prevent time-consuming corrections later.
5. Asset Purchases and Business Expenses
Many businesses purchase equipment, tools, computers or other assets throughout the year.
Reviewing these purchases before June 30 helps ensure that eligible deductions are not overlooked and that supporting documentation has been retained.
It’s also a good opportunity to gather receipts, invoices and expense records while they are still easy to locate.
A Little Preparation Now Can Save A Lot Of Stress Later
As June 30 approaches, it can be tempting to put EOFY preparation off for another week. However, spending a little time reviewing these key financial records now may save considerable time, stress and potential problems later.
At Hills Accounting Hobart, we help small business owners stay organised throughout the year and prepare for a smoother tax season. A quick review now can often prevent major headaches once tax time arrives.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs.
For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
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