“If you fail to plan, you plan to fail.” Regardless of who framed this famous quote, it holds significant weight as 30 June approaches. Proper planning is crucial to minimise your tax liabilities and start the new financial year on the right foot.
June is the perfect time to tidy up your financial affairs, secure the best possible outcome for 2024, and lay the groundwork for success in 2025.
Our goal is to provide you with valuable information and advice at just the right time. The MWM team is ready to prepare you and your business for the 2025 financial year and beyond.
Sounds a little daunting right? Not sure where to start? Fear not, we’re here to help.
Read our Essential 10-Point EOFY Checklist for Business Owners
- Superannuation: Ensure employee superannuation contributions are paid before 30 June.
- Bad Debts: Write off any bad debts to manage your accounts receivable accurately.
- Prepayments: Look for opportunities to prepay expenses.
- Inventory: Complete a stock-take and deal with write-offs for any damaged, obsolete, or missing inventory.
- Fixed Assets: Utilise temporary full expensing rules and ensure all asset acquisitions and disposals are recorded.
- Income Deferral: Seek opportunities to defer any income received in advance of the provision of goods or services to the next financial year.
- Trust Distributions: Review your Trust Deed and ensure that distributions of Trust income to beneficiaries are documented before 30 June.
- Business Insurance: Review your business insurance policies to ensure you have adequate coverage and protection.
- Budgets and forecasts: In addition to preparing for year end, don’t forget to cast your eyes into the distance. Time invested in preparing a detailed budget for the year ahead will provide focus, and ensure you’re on top of cashflow management, including customer collections, payroll, and supplier payments.
- So now you’ve worked through the list, take some time to reflect on your business strategy for the coming year, clean out your inbox and set up your folders in preparation for FY2024/25.
EOFY Finale!
As we approach the end of the financial year, it’s essential to assess your business’s financial health. If you’ve been caught up in daily operations and haven’t had the chance to review crucial financial aspects, now is the perfect time to connect with MWM Advisory. Our expert accounting and commercial advisory assistance will help you navigate complexities and start the new financial year on the right foot.
