As we approach 30 June, it’s crunch time for business owners across Australia. The End of Financial Year (EOFY) is not just a time for finalising your tax return – it’s a valuable opportunity to take stock, streamline your finances, and plan for the year ahead. Here’s a quick guide to help you prepare, avoid stress, and even uncover some tax-saving opportunities along the way.

1. Get Your Records in Order
EOFY preparation starts with tidy books. Make sure:
– Your accounts are reconciled.
– All invoices and receipts are entered into your accounting software.
– Payroll summaries are accurate and finalised.

Tip: Use software like Xero, MYOB or QuickBooks to automate reconciliation and generate year-end reports faster.

2. Review Your Deductions
Don’t leave money on the table. Review expenses that could be tax-deductible:
– Work-related equipment or tools.
– Home office expenses.
– Motor vehicle and travel costs.
– Professional development and subscriptions.

Trick: If you need business assets (like laptops or office furniture), consider purchasing before 30 June to claim immediate deductions under the instant asset write-off rules (eligibility applies).

3. Top Up Superannuation
If you haven’t maxed out your concessional contributions cap, consider topping up your super before EOFY. The cap for 2024–25 is $30,000 (including employer contributions).

Tip: Make sure the payment clears before 30 June—processing delays can push contributions into the next financial year.

4. Write Off Bad Debts
Review your accounts receivable. If a customer isn’t going to pay, write off the bad debt before 30 June to claim a tax deduction.

Trick: You must show that the debt was previously included as income and has been deemed unrecoverable.

5. Book Your Tax Planning Meeting
EOFY isn’t the time to “set and forget.” A tax planning session with your accountant before 30 June can identify:
– Income-splitting strategies.
– Trust distributions.
– Timing of revenue and expenses to reduce tax.

Tip: This is also a good time to review your business structure for tax efficiency, asset protection, and growth plans.

6. Prepare for STP Finalisation
Single Touch Payroll (STP) reporting must be finalised by 14 July. Make sure payroll is accurate and all end-of-year declarations are submitted on time.

Ready to make EOFY work for you?
At Acquire Strategic Accounting, we help businesses just like yours minimise tax and stay compliant, without the last-minute scramble. Book your EOFY review with us today and get ahead before 30 June.