EOFY 2024: What You Need to Do Now

EOFY 2024: What You Need to Do Now

The countdown to the end of the financial year 2024 is on and it’s crunch time for small business owners. But just completing the necessary EOFY tasks is not enough if you want a strong leap into the next year.

1. Get Organised

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. Unlock Tax Savings

Did you know website costs, travel expenses, and even home office setups can be deductions? You can claim deductions for most business expenses, as long as they directly relate to earning your income. 

But you must have records to prove the expenses that you claim as business deductions. If you’re a sole trader, you can use the ATO app’s myDeductions tool to record your business income and expenses during the year.

Small businesses also have access to a range of additional tax concessions. For example, if you’re paying for your employees’ external training you could be eligible to claim the skills and training boost.

3. Work with the Right People

Peace of mind matters. Ensure your tax agent is registered with the Tax Practitioners Board (TPB) for expert guidance. 

There is no protection for taxpayers who use unregistered tax or Business Activity Statement (BAS) agents.

4. Stay Updated

Tax rules change! Some of the latest tax changes in the tax world include:

Get the latest updates from the ATO or just subscribe to our newsletters so we can notify you directly. 

5. Review your finances

EOFY is a great time to analyze your finances with your accountant or bookkeeper. Did you hit your targets? Can you optimize for next year?

Feel free to contact Tailored Accounts if you’d like our help with this process.

6. Be Aware of Common Tax Time Scams

Be alert! Experts warn that cyber criminals will ramp up their tax scam activity by 400% during the end of financial year with small and medium businesses most at risk.

Here’s how they trick you:

  • Phishing Emails/Texts: They ask for login details to tax portals. Don’t click suspicious links! The ATO will never contact you this way.
  • Fake Urgency: Scammers pressure you to act fast, so you don’t have time to think.

Stay Safe:

  • Enter login details ONLY on the official ATO website.
  • Don’t respond to unusual emails, texts, or payment requests.
  • If it sounds too good to be true, it probably is.

Don’t be a victim! Stay vigilant and protect your business.

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:

  • Remind you of your goals;
  • Assess if your strategies are working;
  • Adapt to any changes in your environment;
  • Make the best of the opportunities that come your way;
  • Help you work smarter, not harder.

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 more than just compliance.

It’s a chance to streamline your operations, save money, and position yourself for an amazing year ahead. Let’s make it count!

Source: business.gov.au
Compiled & Edited by Tailored Accounts

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