The countdown to the end of the financial year 2025 is on and it’s crunch time for small business owners. But just completing the necessary EOFY tasks is not enough – you need to launch into the next year strong.
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.
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, eligible small businesses can access a range of concessions based on aggregated turnover.
If you have an aggregated turnover less than:
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.
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.
EOFY is a great time to analyse your finances with your accountant or bookkeeper. Did you hit your targets? Can you optimise for next year?
Feel free to contact Tailored Accounts if you’d like our help with this process.
Tax time is prime season for scammers, and small businesses are often in the firing line. Here are two common scams to watch for:
Stay Safe:
Don’t be a victim! Stay vigilant and protect your business.
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.
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.
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!
Running a small business means juggling a thousand tasks — chasing payments, managing staff, handling paperwork, and finding time to actually do the work you’re paid for. Thankfully, Xero has just rolled out several smart updates aimed at making life easier for small and mid-sized businesses. Here’s a quick rundown of what’s new, and how these innovations can help you spend less time on admin and more time growing your business.
For small business owners, the calendar isn’t just a way to track time—it’s a roadmap of opportunity. Whether you’re running a consultancy, a café, a wellness practice or a retail shop, aligning your efforts with key seasonal events can help you connect with your audience in authentic and creative ways.
Here are six strategies that can be applied flexibly across Canberra’s big seasonal moments—from Mother’s Day and EOFY, to Floriade, Black Friday, and Christmas.
Finding the right grant can feel overwhelming, so we’ve pulled together a quick guide to some of the main funding programs available this year.
From Growth to Employment Support to Energy, there’s someone available for everyone.
