BUSINESS ADVICE • 13 JUNE 2024 • 3 MIN READ

A guide for the end of the financial year in Australia

SECTIONS

What are the key dates I need to keep in mind?

What do I need to prepare for the end of the financial year?

Tax and business planning for the next financial year

Who are Beany?

The end of the financial year in Australia is on the 30th of June. It’s an important time for many of us, with many responsibilities to keep in mind as 12 months of financial activity come to a close. It is also a good time to reflect on our financial situation, review our expenses and revenue, and plan for the year ahead.

There are many deadlines for various tax-related activities, and as these deadlines draw near, it is important to stay on top of your finances to ensure a smooth transition into the new financial year.

What are the key dates I need to keep in mind?

Australia's financial year spans from 1 July to 30 June. For small business owners, this period is ideal for reviewing financial performance, future planning, and ensuring tax compliance.

Accurate financial reporting is necessary for a clear understanding of the past year, and assists with future planning. The end of the financial year is also a good time to review business management and processes such as reviewing and updating if necessary insurance coverage to protect your business from unforeseen events.

For loding tax returns, any business owners who file income tax returns themselves, the deadline is 31 October. However, if you are working with an accountant (like Beany), the deadline for filing with a registered tax agent is 15 May the following year. Circumstances and structure may change that date, so please confirm with your accountant or the ATO.

There are many things to be aware of throughout the financial year - our calendar provides a comprehensive list of key dates, so you can keep on top of your compliance and reporting responsibilities. If you'd like to know more, the ATO has more information on lodging and paying due dates.

What do I need to prepare for the end of the financial year?

There’s a lot to keep in mind during the end of the financial year. To make things easier, we have created a quick checklist to make sure your EOFY process goes smoothly. Using this as a reference will also help you prepare for the next financial year.

End-of-year checklist

For all individuals, please consider the following:

Prepay any interest on investment loans up to 12 months.
Prepay any costs associated with investments e.g. insurance on rental property.
Gather all your receipts for work-related claims and expenses related to investments.
Consider making a personal deductible superannuation contribution. The cap for the year is $27,500 which includes any employer contributions. Check what your fund has already received and what is expected to be received prior to making any contributions.
Whilst the concessional contribution cap is $27,500, you may have unused concessional contributions from prior years which may increase the amount that can be contributed for the 2024 financial year.
For any personal concessional contributions, ensure a Notice of Intent to Claim is submitted to your superannuation fund. An acknowledgement by the super fund must be received prior to claiming a deduction in an individual's tax return.
Ensure that you have an accurate log book for any motor vehicle claims and obtain an odometer reading on 30 June.
Consider any capital gains tax implications. Capital gains tax is triggered when a contract is signed, not when settlement occurs. With the changes in the marginal tax rates for the 2025 financial year, together with consideration as to whether an asset has been held for 12 months or more, could make a significant impact to the tax position.

For all business owners, no matter what structure you are operating under:

Review your financial records for the year to ensure that they are accurate and complete - this includes your income, expenses, assets and liabilities
Assess whether you have any money owing (and if you’re owed anything)
Organise any receipts or documentation that you (or your accountant) will need to complete your accounts and tax return
Review your fixed assets to check they are all still in use and make a note of any that need removing (if they have been sold or are obsolete, etc).
Perform and record a stock take - make note of any obsolete stock!
Consider consulting with a tax professional (such as Beany) to ensure you are taking advantage of all possible tax deductions, and whether an accountant can prepare your financial statements
Make sure you are aware of any upcoming deadlines
Reflect on the past year and produce a budget or forecast for the next financial year.

Below are action items and dates that are specific to the structure of your business. We have also included Self Managed Superannuation Funds, whilst not a business, has its own unique action items.

Sole Traders

Companies

Self Managed Super Funds

Trusts

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Tax and business planning for the next financial year

As the financial year ends, review your business's performance over the past 12 months. Assessing your progress and setting goals for the coming year involves:

Analysing Financial Performance: identify trends in revenue and expenses to guide budgeting and cash flow management.
Setting Financial Goals: prioritise expenses and make informed decisions about resource allocation to achieve your goals.
Assessing Resources: determine the necessary staff and equipment for the upcoming year and incorporate these into your forecast.

Seeking professional assistance from an accountant can ease the burden of accounting tasks. Our wide range of services is designed to support your business needs.

Who are Beany?

We’re an online accounting firm that is always right here for you, your accounting pain relief. The most advanced technology lets us work way more closely with you than a normal accountant world. We have a dedicated team of certified accountants and a support team to take care of your business no matter where you are, so you can focus on growing your business. We take out the ‘fluff’, break down the barriers and get things done. Looking out for you is what we are all about. Register today.

Jenny Marklew

General Manager

A qualified chartered accountant in both the UK and New Zealand. Mum of 5 and recently celebrated 10 years with Beany alongside the company's 10th anniversary in March 2024.

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