Carey Group Quarterly Newsletter
EOFY Checklist
The end of the financial year (EOFY) is a crucial period for your business. It’s time to finalise bookkeeping, file tax returns, and strategize for the upcoming financial year. Use this checklist to get organised, prepare your business, and enhance your efficiency for the year ahead.
Get your documents in order
Ensure all your financial records, including income, expenses, invoices, receipts, and bank statements, are current and accurately documented. It may be necessary to create a profit and loss statement, conduct a stocktake if your business holds inventory, and record any asset purchases or expenditures on business improvements. These steps are essential to accurately capture your business’s finances for the year and to correctly calculate depreciation expenses or capital gains tax.
Working out your deductions
As a business owner, you can claim tax deductions for many business expenses. Research to determine exactly what deductions you qualify for. Typically, you can claim operating costs such as interest and fees on business loans, motor vehicle expenses, travel expenses, and more. Make sure you keep records to substantiate your business expenses to support your deduction claims.
Lodge your tax return
If you’re a sole trader or self-employed, you need to lodge an individual tax return each year. Your business income and expenses go in your individual tax return using a separate business schedule. Companies need to lodge a separate company tax return each year, but business owners must also lodge an individual tax return for income they’ve earned via wages, shares, and dividends from the company. Make sure your income and deductions are correctly reported to calculate your taxable income and determine your tax liability or refund.
Many regulatory and tax changes occur at the end of the financial year. These might include changes in tax law and deductions or concessions for small business. If you have a tax professional, they can help you understand those changes. You can subscribe to the ATO’s small business newsroom to stay up to date on tax, super, and registry services.
Dates for lodgement:
See below for lodgement dates if you’re lodging the return yourself. If you lodge through a registered tax agent, contact them for more information as different dates may apply.
Sole trader or self-employed:
If you are a sole trader or self-employed your tax return can be lodged from 1 July to 31 October each financial year.
Partnership:
If you are a partnership and you lodge by yourself, your partnership tax return can be lodged from 1 July to 31 October each financial year.
Company:
Most company tax returns will be due 28 February each financial year, however, we recommend you check the government’s webpage Never miss important dates. ATO website for your specific date.
For more questions regarding the End of Financial year, call us on 074760 5900 or email us on info@careygroup.com.au
Contact Our Team
With over 70 years of combined experience, our team is ready to take on your financial matters with accuracy and focus. Contact us today.