Yep, tax time is here. Are your EOFY preparations underway?
The secret to a successful year-end is to be on top of your accounting and bookkeeping throughout the year. However, we understand that when you’re running your own business, everyday matters can interfere and push you behind schedule. Here, we share our Essential EOFY Checklist to help you get your tax planning back on track.
Dexterous Group’s Essential EOFY Checklist
Ask yourself:
- How did your business perform?Review your financial data and reports to ensure you understand your financial health. Are you forecasting and managing your cash flow effectively?
- Are your records up to date?Check that your payroll, accounts payable, accounts receivable and expenses are up to date. Keeping up with routine bookkeeping is essential to ensure that your business is ready for this year’s tax return.
- Do you know what tax deductions or concessions you can claim?Refresh your knowledge about what deductions and concessions you can claim against. Plus, check your receipts and expenses are up to date. Behind? Ask us how we can help you prepare for EOFY.
- Are your superannuation payments up to date?Did you know that late superannuation payments aren’t tax deductible? Examine your records to check if you’ve been meeting all your employee entitlement payments throughout the year.
- Did you meet every ATO due date this year?Review your diary and ensure your ATO requirements are up to date. Late submissions can attract penalty payments.
Are you on track for EOFY?
To help you and your business during this critical time of year, we are offering our clients a choice of two simple tax planning packages we believe will set you and your business up for year-end success. Whether you’d like a light touch approach, or a comprehensive review with a detailed written report, we’ve got you covered.
Many tax planning strategies must be implemented prior to year-end to be effective, so it’s important you know what you can and can’t claim. Review our tax planning options here.
Our Tax Team are here to help you plan and work through tax time so get in touch today at taxteam@dexterousgroup.com.au or arrange a meeting today.
