The end of the financial year (EOFY) is an important time for your business. You'll need to complete bookkeeping, tax returns and plan for the new financial year. Use this Australian Government-produced checklist to prepare, get your business organised and work smarter in the year ahead.
Some of the yearly tasks you need to do as a small business owner may include:
a summary of your income and expenses in a profit and loss statement
conducting a stocktake – learn about stocktakes and assets on the Australian Taxation Office (ATO) website
summaries of your record of debtors and creditors
collating records of asset purchases or expenditure on improvements (to calculate depreciation expense claims and for capital gains tax)
completing and lodging your income tax returns
lodging yearly reports or returns for different tax types such as:
pay as you go (PAYG) withholding, including finalising income statements for Single Touch Payroll
meeting superannuation requirements
making digital copies of any paper records and backing them up.
For more information, visit the ATO website, call the ATO on 13 28 66, or talk to your tax professional.
