As the financial year draws to a close, it’s time to gear up for a successful transition into the new year. To help you navigate the complexities of the End of Financial Year (EOFY), we’ve compiled a comprehensive checklist of tasks to ensure your business remains compliant and financially optimised. From tax obligations to strategic planning, this checklist will set you on the path to financial success. Let’s dive in!

Review Financial Records:

– Gather all financial records, including bank statements, invoices, and receipts.
– Ensure accuracy and completeness of your financial transactions.

Reconcile Accounts

– Conduct a thorough reconciliation of your accounts, balancing income and expenses.
– Identify and rectify any discrepancies.

Verify Employee Details

– Confirm that employee information, such as tax file numbers and superannuation details, is up to date.
– Ensure compliance with legal requirements.

Finalise Payroll

– Process any outstanding pays and bonuses.
– Review and report employee superannuation contributions.

Lodge Activity Statements

– Submit BAS, GST reports, and PAYG withholding reports to the Australian Taxation Office (ATO).
– Ensure timely lodgment to avoid penalties.

Review Tax Obligations

– Evaluate your tax position and eligibility for deductions.
– Seek professional advice to maximize tax benefits and minimize liabilities.

Superannuation Contributions

– Make any outstanding superannuation guarantee contributions for your employees.
– Comply with superannuation regulations and payment deadlines.

Stocktake

– Conduct a physical stocktake to determine the value of your inventory.
– Account for any damaged, obsolete, or lost stock.

Depreciation and Asset Register

– Review your fixed assets and update your asset register.
– Assess depreciation values and record any disposals or additions.

Review Financial Performance

– Analyze your financial statements, including profit and loss, balance sheet, and cash flow.
– Identify areas for improvement and set goals for the upcoming year.

Seek Professional Advice

– Consult with an experienced accountant or tax advisor.
– Ensure compliance with relevant regulations and benefit from expert guidance.

Plan for the New Financial Year

– Develop a budget and financial forecast for the upcoming year.
– Set strategic goals and allocate resources accordingly.

Maintain Records

– Retain all financial records, tax returns, and supporting documents as required by law.
– Safeguard your financial information for future reference.

Completing these essential tasks will not only ensure your compliance with Australian financial regulations but also position your business for success in the new financial year. At Journey2 Business & Personal Wealth, we understand the unique challenges faced by Australian businesses during the EOFY. Our team of experienced accountants is ready to assist you with expert advice and personalised solutions. Contact us today to streamline your EOFY process and unlock your business’s financial potential. Let’s embark on a journey to financial success together!