Hills Accounting has been the Tax Accountant Hobart businesses can rely on for well over 25 years, and we know that, despite their best intentions, many small business owners, and individuals, don’t notice that June 30 is approaching until it is right on top of them.
The good news is that even if the end of the financial year is only days away, there are still several practical steps you can take to get organised and potentially improve your tax position before the deadline arrives.
If you haven’t quite finished your EOFY preparation, here are some last-minute tips worth considering.
1. Make Sure Super Contributions Are Paid On Time
If you intend to claim a deduction for employee superannuation contributions this financial year, the payments generally need to be received by the employee’s super fund before June 30.
Leaving payments until the last minute can create unnecessary risk if processing delays occur.
Review your super obligations now rather than hoping everything clears in time.
2. Gather Any Missing Receipts And Records
One of the biggest causes of tax-time stress is searching for paperwork that should have been collected months ago.
Take some time to locate:
- Expense receipts
- Vehicle records
- Equipment purchases
- Contractor invoices
- Bank statements
Having your records organised now can make tax preparation much easier in the weeks ahead.
3. Review Planned Business Purchases
If your business has been considering purchasing equipment, tools, technology or other business assets, now may be the time to review those plans.
Depending on your circumstances, bringing forward legitimate business purchases before June 30 may provide tax benefits.
As always, seek professional advice before making significant decisions purely for tax reasons.
4. Complete A Stocktake
Businesses that carry stock should ensure their inventory records are accurate before the end of the financial year.
A stocktake can help identify:
- Slow-moving stock
- Obsolete items
- Damaged inventory
- Record discrepancies
- This information can prove valuable when preparing financial statements and tax returns.
5. Review Your Debtors And Creditors
Take a fresh look at who owes your business money and what your business still owes to suppliers.
A quick review of outstanding invoices and unpaid accounts often provides a clearer picture of your true financial position before the financial year closes.
6. Speak With Your Accountant Before June 30
Perhaps the most important EOFY tip is not to leave questions until July.
A brief discussion with your accountant before June 30 may help identify opportunities, resolve concerns and avoid small issues becoming larger problems later.
The Australian Government also provides useful information about business record keeping and EOFY preparation through Business.gov.au their EOFY Checklist.
There Is Still Time To Get Organised
As June 30 approaches, it’s easy to feel pressured by everything that still needs attention.
However, a few hours spent reviewing your business finances now can save significant time and stress later.
At Hills Accounting Hobart, we help small business owners prepare for EOFY with practical advice and personalised support. There is still time to get organised before June 30 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.
Talk to Kathy and the team today
and stay ahead with Hills Insights.
Call 📞 03 6273 7800,
or email admin@hillsaccounting.com.au.
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