End Of Financial Year Checklist For Australian Businesses

Preparing for the end of the financial year (EOFY) is crucial for Australian businesses to ensure compliance and optimize financial performance. Start by reconciling all accounts and ensuring that all financial records are accurate and up to date. Review your profit and loss statements, balance sheets, and cash flow statements to identify any discrepancies. It's essential to check your inventory and write off any obsolete stock. Ensure all employee records, including superannuation and PAYG withholding, are in order. Evaluate your tax obligations, including BAS lodgements, GST, and any eligible deductions or offsets. Plan for next year’s budget by analyzing current financial data to set realistic goals. Don't forget to consult with your accountant or financial advisor to maximize tax benefits and compliance. Taking these steps will not only help you close the year smoothly but also set a strong foundation for the upcoming financial year.

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