It’s that time of year again! As we approach the end of the financial year (EOFY), there’s a collective sense of urgency in the business world to tie up loose ends, review performance, and plan for the financial year ahead. This period can be daunting, especially with the mountain of tasks that seem to pile up, seemingly out of nowhere. To help you navigate through this season effectively and ensure nothing is left to chance, we’ve compiled the Ultimate EOFY Checklist For Your Business.
Why is EOFY important for businesses?
The end of the financial year (EOFY) is a pivotal time for businesses, marking not just the culmination of a fiscal period but also providing a strategic opportunity for reflection, adjustment, and planning. It’s the period when businesses must reconcile their incomes and expenses, file tax returns, and optimize their tax position through various deductions and write-offs. Beyond compliance, EOFY serves as a checkpoint to assess business performance, strategize for the coming year, establish new budgets, and ensure alignment with any regulatory changes. Hence, EOFY isn’t merely a tax deadline—it’s a vital juncture for business growth, strategy, and future success.
EOFY Business Checklist:
With the assistance of this checklist, you can equip yourself with the right tools to streamline your processes, enhance your business organization, and approach the upcoming year with increased efficiency and productivity.
- Check what tasks you need to complete
- Find out which tax deductions and concessions you can claim
- Make sure your tax agent is registered
- Keep up-to-date with tax changes
- Review your finances
- Be wary of tax refund scams
- Review your business and marketing plans
- Review your business structure
- Check your insurances
Visit the Australian Government website to learn more about each point.
As experienced finance brokers, we can help you navigate the complexities of business finance and help you prepare for a prosperous financial year. From lending advice to tailored financial solutions, we’re here to support your business growth every step of the way. As the end of the financial year approaches, remember that this period is more than just about crunching numbers and meeting tax deadlines. It’s an opportunity to reflect, strategize, and prepare for a successful year ahead.
Now that you’re armed with the Ultimate EOFY Checklist for your business, take the next step towards financial success with our help.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.