End of Financial Year (EOFY) 10-point Check List
1. Check all record keeping tasks are completed.
One of the first things that needs to be done is to ensure that all data entry is completed. This means ensuring that all invoices, bank transactions and credit adjustments are accounted for and correctly recorded in your accounting system.
2. Ensure you are claiming all relevant tax deductions and concessions.
Not every year is the same in business. Make sure you are aware of all the dedications and concessions that the ATO offer and which ones your business is eligible to receive this EOFY.
3. Double check that your tax agent is registered.
Do not get caught out and false report your tax this year. Make sure that your tax agent is registered and hold all the correct accreditation to legally prepare and lodge your tax.
4. Check for any tax changes or updates.
It is important that before you start any EOFY tasks, you are educated on any new requirements, changes, or updates to your reporting system.
5. Beware of scammers.
There are always those horror stories, whether true or myths, you do not want to become one. When you get any correspondence from the ATO, ensure you check the email address it comes from. If you are unsure that your correspondence is authentic or would like to report suspicious behaviour head to the ATO website here.
Checking your data is one of the single most important things you can do to ensure your EOFY reports are correct. It might be boring and tedious, but it will save you a number of headaches and can prevent the need for 1st of July adjustments.
7. Review your business plan and financial obligations.
EOFY is a great time to start thinking about the future of your company. Make sure your teams is taking not of the financial outlays that occurred through out the year and are planning for any reoccurring major expenses.
8. Check your insurance.
Things can change a lot in a year, take the time now to check that your level of coverage is enough to ensure your business is safe.
9. Ensure your payroll is up to date and compliant.
Now is the time to check that all superannuation payments and documentation is up to date. EOFY is also a great time to ensure your employees payroll details are correct.
10. BACK UP YOUR FILES!
There is nothing worse than completing all your adjustments and consolidating all your accounts and then there is a technology issue. Make sure you back up all your files throughout your EOFY consolidation. If you are using cloud accounting software such as Xero, you do not need to worry about this – your work is protected and backed up in the cloud.