13 questions every business owner should ask before the end of financial year

We know the end of the financial year can be overwhelming. We have put together a list of 13 questions every business owner should ask themselves ahead of the end of the financial year on 30 June to set themselves up for  tax season and the new financial year.

1. Do you need to reduce your taxable income?
2. Do you need a new phone/laptop/printer/ink/paper?
3. Have you reviewed your insurance including limits and inclusions?
4. Do you require repairs or upgrades on tools of the trade?
5. Can you chase debtors to finalise payments for EOFY?
6. Are there bills you can pay prior to 30 June to claim this year?
7. Do you have stock you need to count and value?
8. Are you up to date on superannuation payments and recording?
9. Do you want/need to make any last minute tax deductible donations to charity?
10. Have you collected receipts/invoices for all expenses and donations you have made throughout the year?
11. Have you gone through your bank statement or accounting software and allocated all your expenses?
12. Have you reviewed your business plan and budget for the new financial year?
13. Do you have questions about how an expense should be categorised?

BONUS question: ARE YOU READY FOR Single Touch Payroll?

Are you confused by your tax, finances, or bookkeeping?

Distinct Business Solutions can help, contact us today (02) 4210 8780

Or ask a question using our contact form

Any advice in this blog is general in nature and is intended for information purposes only. For personalised advice please contact your accountant.