The countdown to the end of the financial year 2023 is on, and for small business owners preparation is key to success. But just completing the necessary EOFY tasks is not enough – you need to position yourself for the year ahead.
Here’s a comprehensive EOFY 2023 checklist to help you prepare, organise, and work smarter.
1. Check what needs to be done
From preparing your profit and loss statement to meeting superannuation requirements, there is a multitude of important tasks that need to be ticked off every year.
Keep on top of these due dates and have your business running smoothly by tracking upcoming deadlines on the ATO app or on the ATO website.
2. Know what tax deductions and concessions you can claim
You can claim deductions for most business expenses, as long as they directly relate to earning your income. For example, you may be able to claim deductions for:
Note, you must have records to prove the expenses that you claim as business deductions.
Small businesses also have access to a range of additional tax concessions.
3. Make sure your tax agent is registered
Ensure your tax agent is registered with the Tax Practitioners Board (TPB).
There is no protection for taxpayers who use unregistered Tax or Business Activity Statement (BAS) agents.
4. Keep up to date with tax changes
Some of the latest tax changes in the tax world include:
Keep track of ATO updates here or subscribe to our newsletters so we can notify you directly.
5. Review your finances
Spend some time reviewing your finances by yourself, or with your accountant or bookkeeper. Look at whether you met your targets and what you can do differently next financial year.
Feel free to contact Tailored Accounts if you’d like our help with this process.
6. Be Aware of Common Tax Time Scams
Common tax time scams include:
Protect your business from cyber threats.
7. Review your business and marketing plans
Take time to set yourself up for the year ahead. Regularly reviewing and updating your plans will help:
Here are some business plan and marketing plan templates.
8. Review your business structure
As your business grows and expands, you may decide to change your business structure or restructure your business. Compliance and taxation regulations differ depending on your business structure.
Contact Tailored Accounts if you have anything you’d like to clarify.
9. Check your insurance
If your circumstances change, you may need to update your coverage. Read the product disclosure statements (PDS) for your insurance policies carefully. Don’t assume.
Learn how to make sure your business has the right insurance here.
EOFY is not just a time for compliance. Take the time to get your business prepared and ready for the year ahead.
Looking for ways to get more money back at tax time? Here are 6 ways to grow your super while reaping their tax benefits. From Salary Sacrifice to Government Co-Contributions, maximize your tax benefits this financial year.
Looking for ways to get more money back at tax time? Here are 6 ways to grow your super while reaping their tax benefits. From Salary Sacrifice to Government Co-Contributions, maximize your tax benefits this financial year.
Thinking about leasing or purchasing a zero-emissions vehicle for your business? A total grant amount of $150,000 is currently available to support you in this endeavour!
