With the financial year wound up, it’s time to think about your tax return and making sure you have cash reserves for the tax bill.
Your EOFY Tax Checklist
- Reconcile everything — bank accounts, credit cards, loans and petty cash should all be reconciled to 30 June.
- Review debtors and creditors — chase outstanding invoices and process any supplier bills before year-end.
- Check asset depreciation — review your fixed asset register and apply the correct depreciation rates. Consider the instant asset write-off for eligible purchases.
- Superannuation — ensure all super contributions are paid before 30 June if you want to claim the deduction in this financial year (payments must clear the fund, not just leave your bank).
- Prepay expenses — some expenses can be prepaid before year-end to bring the deduction forward.
- Stocktake — if you carry inventory, complete a stocktake as close to 30 June as possible.
- Review your structure — is your business structure (sole trader, company, trust) still the most tax-effective?
Need Help?
We work with your tax accountant to make sure your books are clean, complete and ready for tax preparation. Get in touch to discuss your EOFY needs.