Business.gov.au have published a ‘to-do list’ of essential end of financial year (EOFY) tasks for small businesses.
The to-do list of essential tasks is thoroughly detailed, focusing on 10 key areas: record keeping & compliance, tax deductions that can be claimed, using a registered tax agent, tax changes in the financial new year, tax refund scams, reviewing finances, reviewing & updating business plans, reviewing business structures, reviewing insurances and securing files.
The record keeping and compliance section of the to-do list emphasises the record keeping and compliances obligations of small business owners at EOFY, as well as when lodging a tax return.
The tax deductions section of the to-do list reminds small business owners to do their research of what they could claim as a deductions and provides a short list of possible deductions.
The tax registered agent section of the to-do list reminds small business owners to ensure that their tax agent is registered with the Tax Practitioners Board.
The tax changes in the new financial year section of the to-do list reminds small business owners to be aware of upcoming tax changes, such as changes in tax breaks and deductions.
The tax refund scams section of the to-do list reminds small business owners to be wary of tax-related scams targeting businesses.
The reviewing finances section of the to-do list reminds small business owners to review their finances with their accountants, specifically discussing and reviewing whether their finances could be better.
The reviewing and updating business plans section of the to-do lists reminds small business owners to review and updating their business, as well as marketing plans, specifically focusing on goals and strategies.
The reviewing business structures section of the to-do list emphasises the possible need for small business owners to change their business structure and what to do if they decide to change their structure.
The reviewing insurances section of the to-do list reminds small business owners to check that they have the right insurances in place for their business.
The securing files section of the to-do list emphasises the importance of backup and storing secure files to small business owners.
The to-do list can be read in full and more information can be found here.
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