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Is your business ready for EOFY?

16 May 2022 | 5 min read
EOFY is a busy time for your business. It’s also a great time to reflect on the year you’ve had and think about your goals. Being organised is essential, so we’ve prepared some tips to help ready your business for tax time and set you up for the financial year ahead.

Look back and look ahead

EOFY is the perfect time to review your business performance and set your goals for the coming year. Did you achieve what you planned this financial year? Look ahead to set new goals and re-align your business focus.

It’s also the perfect time to review your budget. An accurate budget can give you the financial insights to make informed decisions. Look back and assess if your profit and spending aligned with this year’s budget. Explore how you can cut spending or grow revenue.

Get across tax and super

  • Make time to get your records up to date. Well-kept records may save you some money in accounting fees and help ensure you don’t miss out on any tax deductions or GST claims. If you’re a sole trader and find you’re searching through old invoices, emails and receipts at tax time, consider using the ATO myDeductions tool to record your business income and expenses.
  • Understand lodgement deadline. For example, find out your income tax return lodgement due dates and the due date for payment of tax liabilities. If you expect a tax refund, you may consider lodging early. The ATO website lists key lodgement and payment dates.
  • Know what you can deduct! For example, employer superannuation contributions for the quarter must be paid before 30 June for a deduction to be available in the 2021/22 year. You may also be eligible to make deductible personal super contributions. In addition, the instant asset write-off measures available may benefit your business.
  • Consider changes that may impact you that come into effect from 1 July. For example, the superannuation guarantee increases to 10% from 1 July 2022.
  • A qualified tax agent can help you make sure you’re meeting all your obligations. In addition, you can also subscribe to the ATO Small Business Newsroom to receive news, hints and notifications of upcoming dates.

Check the impact of COVID-19 assistance payments

The first two quarters of the 21/22 financial year saw lockdowns for most of Australia’s population and pressure on many businesses. Many received Government assistance via COVID-19 financial support. Check if there are any implications for your business at EOFY if you received any assistance payments.

Set some new financial year resolutions

EOFY can be a great time to review your financial operations and set up some tools to streamline your processes for the new year.

  • Do a health check of any automatic expenses. Audit your business subscriptions to cancel any that you’re not using.
  • Set up reminders for yourself for extra financial tasks you need to do in the coming year. For example, check if any of your domain names are expiring and set reminders to renew.
  • If you’re not already using a cloud-based accounting software package, now might be a good time to explore this option. If you are, make sure you review the tools to check that it’s the right fit for your business. Also, check for software updates and new features to ensure you are using its full capability.
  • Consider a payment system that integrates your Point of Sale or Practice Management Software to reduce errors, simplify payments, and save time. Read more about integrated payments.
  • Talk to us about setting up data feeds into your accounting package to streamline your operations and accounting in real-time.
  • Establishing systems and processes for the new financial year will set you up for success when EOFY rolls around again next year.

Check that you’re covered

Changes to your business mean your insurance may also need to change. Maybe you’ve had a year of growth and opened new premises, or perhaps you’ve downsized your operations for more family time. If your needs have changed, EOFY is a great time to review your insurance coverage to make sure you are heading into the new financial year with the right level of protection.

Bendigo Bank can arrange small business and agri-business insurance cover. We can also help you find tailored insurance solutions and professional indemnity cover. Find out more on our website if you would like some help finding business insurance that’s right for you.

 
Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should assess with the help of legal, financial and taxation advice, whether it is appropriate for your situation before acting on it. Please read the applicable product disclosure statement(s) on our website before acquiring any product.
 
Insurance products primarily issued by Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance and WFI. Insurance cover may alternatively be arranged by CIS Community Insurance Solutions Pty Ltd ACN 653 374 531 (CCIS). Bendigo and Adelaide Bank ABN 11 068 049 178 AFSL 237879 (Bendigo Bank) have a referral relationship with CCIS, a wholly owned subsidiary and authorised representative of Community Broker Network Pty Ltd ACN 096 916 184 AFSL 233 750 for the provision of business-related insurance solutions, rural insurance solutions and other insurance solutions at the discretion of Bendigo Bank to customers of the Bendigo and Adelaide Bank Group (Group). In arranging insurance policies, the Bank acts under its own AFSL and an agreement with the insurer. Information is of a general nature only. You should consider the relevant Product Disclosure Statement (PDS) available from the insurer and whether or not the insurance is appropriate for you before deciding whether to acquire the insurance. Policy conditions, limitations and exclusions apply.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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