End Of Financial Year Checklist For Australian Businesses

As the end of the financial year approaches, Australian businesses must ensure their financial affairs are in order to maximize benefits and minimize liabilities. Start by reviewing and reconciling all accounts, ensuring that all income and expenses are accurately recorded. Assess outstanding invoices and follow up on overdue payments. Conduct a thorough stocktake and address any discrepancies. Evaluate your tax obligations, including GST, PAYG, and superannuation contributions, and make necessary adjustments. Consider potential tax deductions and credits to optimize your tax position. Update and back up all financial records, ensuring compliance with ATO requirements. Review your business performance against budgets and forecasts to identify areas for improvement. Engage with your accountant or financial advisor to finalize your financial statements and tax returns, ensuring all lodgment deadlines are met. Taking these steps will help your business close the financial year smoothly and set a strong foundation for the year ahead.

For further details: https://www.agibookkeeping.com.au/end-of-financial-year-checklist-for-australian-businesses/