{"id":45642,"date":"2023-05-23T14:15:36","date_gmt":"2023-05-23T06:15:36","guid":{"rendered":"https:\/\/www.crazydomains.com\/learn\/?p=45642"},"modified":"2026-06-13T01:02:06","modified_gmt":"2026-06-12T17:02:06","slug":"prepare-sme-for-eofy","status":"publish","type":"post","link":"https:\/\/www.crazydomains.com.au\/learn\/prepare-sme-for-eofy\/","title":{"rendered":"How to Prepare Your SME for the End of Financial Year (EOFY)"},"content":{"rendered":"<p>The EOFY is an extremely hectic time for businesses. It\u2019s no easy feat to set your financial records in order and get them ready by the end date of the financial year.<\/p>\n<p>As a small business owner, the mountain of paperwork can easily bury you under overwhelming pressure. On top of this, you\u2019ll also have to face the stress of running your business daily.<\/p>\n<p>To manage the long list of tasks that are coming your way, it pays to know how you can prepare for EOFY.<\/p>\n<h2>6 Ways to Get Your Small Business Ready for the EOFY<\/h2>\n<h3>Organise your financial records<\/h3>\n<p>Bookkeeping should be your priority even months prior to the end of the financial year. You must have a complete record of all financial transactions from July 1st of the previous year to June 30th of the next year.<\/p>\n<p>Be sure to file and update the documents needed to streamline the process. It\u2019s also a life-saving hack to keep digital copies as backups to your manual records.<\/p>\n<p>Here are some of the documents that you need to prepare before the financial year ends:<\/p>\n<ul>\n<li>Profit and loss statement summary<\/li>\n<li>Stocktake<\/li>\n<li>Summary record of debtors and creditors<\/li>\n<li>Record of assets<\/li>\n<li>Yearly reports or returns for pay as you go (PAYG) withholding, fringe benefits tax (FBT), and goods and services tax (GST)<\/li>\n<li>Superannuation requirements<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>RECOMMENDED: <a href=\"https:\/\/www.crazydomains.com.au\/learn\/register-for-gst-in-australia\/\" target=\"_blank\" rel=\"noopener\">How to Register for GST in Australia<\/a><\/strong><\/p>\n<h3>Pin key dates<\/h3>\n<p>Avoid <a href=\"https:\/\/www.ato.gov.au\/\" target=\"_blank\" rel=\"noreferrer noopener\">Australian Taxation Office (ATO)<\/a> penalties and late charges by taking note of the important dates of all financial year activities.<\/p>\n<p>A good old calendar of reminders can do the trick. The key dates should already be posted on your schedule as early as the start of the financial year, so you don\u2019t miss anything.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-45644 size-full\" src=\"https:\/\/www.crazydomains.com\/learn\/wp-content\/uploads\/2022\/06\/picture-of-a-calendar.png\" alt=\"June 30\" width=\"728\" height=\"365\" srcset=\"https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2022\/06\/picture-of-a-calendar.png 728w, https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2022\/06\/picture-of-a-calendar-300x150.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/p>\n<p>Check out this year\u2019s important financial dates <a href=\"https:\/\/business.gov.au\/finance\/yearly-financial-tasks\/important-financial-dates\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<h3>Check out tax deduction claims<\/h3>\n<p>Most expenditures that directly relate to your assessable income are tax deductible. An assessable income is the earnings you receive from doing business. Generally, you can claim deductions from your operating expenses in the same fiscal year or from the depreciation of your capital assets over some time.<\/p>\n<p>ATO has three golden rules when it comes to claiming business tax deductions:<\/p>\n<ul>\n<li>The expenses should be business-related and not for personal use.<\/li>\n<li>If the expenses serve both business and personal purposes, you can only claim the portion that relates to business use. For example, you bought an oven that you mainly use for business. However, you personally use the equipment on weekends as well. With this, you can only claim an estimated 70% of the asset\u2019s full price.<\/li>\n<li>You should have the necessary records as proof.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>RECOMMENDED: <a href=\"https:\/\/www.crazydomains.com.au\/learn\/website-tax-deductible\/\" target=\"_blank\" rel=\"noopener\">Are Website Solutions Tax Deductible?<\/a><\/strong><\/p>\n<h3>Go over your tax write-offs<\/h3>\n<p><span data-contrast=\"none\">To help businesses reduce their tax compliance and invest in their growth, ATO is increasing the instant asset\u00a0write-off threshold to $20,000. This applies to small businesses with an annual turnover of less than $10 million.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Businesses can immediately deduct assets costing less than $20,000. The threshold is on a per asset basis, so you they can write-off multiple assets.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">If you\u2019re eligible for this, you can\u00a0claim instant write-offs for assets first used\u00a0or installed ready for use from 1 July 2023 to 3 June 2024 only. This is the best time to invest in new assets to scale your business. You\u2019ll be able to upgrade with new equipment, business tools and online solutions while getting\u00a0a deduction on your tax bill at the same time.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.crazydomains.com.au\/online-marketing\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=prepare-sme-for-eofy&amp;utm_content=banner\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone size-full wp-image-39181\" src=\"https:\/\/www.crazydomains.com\/learn\/wp-content\/uploads\/2021\/11\/CD_OMH_banner_img.png\" alt=\"\" width=\"728\" height=\"245\" srcset=\"https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2021\/11\/CD_OMH_banner_img.png 728w, https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2021\/11\/CD_OMH_banner_img-300x101.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/a><\/p>\n<h3>Consider getting a tax consultant<\/h3>\n<p>A tax consultant can help you sort out a long list of to-dos. They\u2019ll remind you of crucial deadlines and inform you of tax law amendments that may affect or benefit your business. They\u2019ll also go over your documents to help analyse your cash flow, tax offsets, and other crucial matters.<\/p>\n<p>Overall, they won\u2019t only assist you in successfully concluding the process but they\u2019re also your go-to tax support throughout the year.<\/p>\n<p>Beware of fraudsters by ensuring that you\u2019re dealing with an agent who\u2019s registered with the Tax Practitioners Board (TBP). When looking for a tax consultant, look for the tax practitioner symbol on their website or business cards that shows their type of registration and individual registration number. You can use these details to check your agent\u2019s validity on the <a href=\"https:\/\/business.gov.au\/finance\/accounting\/end-of-financial-year\" target=\"_blank\" rel=\"noreferrer noopener\">TBP Public Register<\/a>.<\/p>\n<h3>Strategise for the next year<\/h3>\n<p>While the main theme at the end of the financial year is fulfilling your tax responsibilities, the numbers on your financial statement also indicate the status of your business.<\/p>\n<p>Take this as an opportunity to examine how you\u2019ve been doing so far. Were you able to hit significant marks? Did you have a positive cash flow? What areas did you fall short of? These are just some questions that you\u2019ll find answers to when you take the time to go through your accounts.<\/p>\n<p>Use this data to help you strategise and make better decisions for the next financial year. You\u2019ll be able to set new sales targets, establish marketing goals based on demand changes, implement financial adjustments, and plan ways to manage your cash flow more efficiently.<\/p>\n<h2>All Set for EOFY?<\/h2>\n<p><span data-contrast=\"auto\">The EOFY may be an overwhelming time for you but this can also be the most insightful. This might be the only time that you\u2019ll take the keenest look at your finances and make better decisions for your business. It\u2019s also a great feat that your business has surpassed another year!<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Here are smart tips to help you fulfil the mounting paperwork that comes with the process. This also helps you follow through with the necessary steps smoothly and not miss out on anything that might cause delays and inconveniences.\u00a0<\/span><\/p>\n<p>And don&#8217;t forget to make the most out of this season&#8217;s tax incentives! Avail huge discounts on our servers, hosting, and other online solutions to grow your online presence and <a href=\"https:\/\/www.crazydomains.com.au\/150k-tax-break\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=prepare-sme-for-eofy&amp;utm_content=link\" target=\"_blank\" rel=\"noopener\">claim more on tax write-offs<\/a> at the same time.<\/p>\n<p><a href=\"https:\/\/www.crazydomains.com.au\/?utm_source=blog&amp;utm_medium=CD_ContentHub&amp;utm_campaign=prepare-sme-for-eofy&amp;utm_content=banner\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone size-full wp-image-53316\" src=\"https:\/\/www.crazydomains.com\/learn\/wp-content\/uploads\/2023\/05\/CD-EOFY-2023-Blog-promo-banner.png\" alt=\"\" width=\"728\" height=\"245\" srcset=\"https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2023\/05\/CD-EOFY-2023-Blog-promo-banner.png 728w, https:\/\/www.crazydomains.com.au\/learn\/wp-content\/uploads\/2023\/05\/CD-EOFY-2023-Blog-promo-banner-300x101.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EOFY is an extremely hectic time for businesses. It\u2019s no easy feat to set your financial records in order and get them ready by the end date of the financial year. As a small business owner, the mountain of paperwork can easily bury you under overwhelming pressure. On top of this, you\u2019ll also have [&hellip;]<\/p>\n","protected":false},"author":993,"featured_media":45646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1979,1156],"tags":[4569],"coauthors":[4498],"class_list":["post-45642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-insight","tag-australian-small-businesses"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prepare Your SME for the End of Financial Year - Crazy Domains Learn<\/title>\n<meta name=\"description\" content=\"Brace your small business for the end of the financial year! 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