Get Your Business Ready For EOFY

The end of financial year (EOFY) can be a stressful time for small business managers. On top of all the usual day-to-day tasks, getting finances in order becomes the most important priority. Here are ebroker’s tips on making EOFY as stress-free as possible:

Ensure You’re Compliant
Single Touch Payroll (STP) is changing the way businesses in Australia report to the Australian Tax Office (ATO). It started from 1 July 2018 for employers with 20 or more employees and affects reporting wages, PAYG withholdings and superannuation. Parliament passed legislation to extend STP to include all employers from 1 July 2019.

What Is STP?
STP is available through payroll, accounting and business management software; most software providers are offering STP-enabled products. These are usually less than $10 per month. Basically, it sends tax and super information from your payroll/accounting software to the ATO. At EOFY you will run your payroll as normal and give employees a payslip. Your STP enabled software will send the ATO a report which includes all information they need from you such as salaries, PAYG, withholding and super information.

Get Your Record Keeping Up To Date
Much as it seems like a painful task, this is the ideal time to ensure that all your record keeping is up to date. Get on top of your profit and loss statements, stocktake, record of creditor and debtors, asset purchases, income tax returns, PAYG withholding payment summary annual report and superannuation requirements.

Be Across Tax Deductions
There are numerous tax-deductable expenses that a small business owner can take advantage of. So, do your homework. Think about all expenses associated with operating your business from running a website to vehicle and travel expenses, phone and Internet charges to machinery and computers. While many small business owners feel terrified about how much they may owe the ATO, there is every chance that you’ll be pleasantly surprised at what you can claim.

Minimise Risk
There are enough things to worry about when running your own small business without making life any harder for yourself. Make sure your tax agent is registered with the Tax Practitioners Board (TPB). You don’t need to increase your business risk by using an unregistered tax agent. The benefit of using a registered tax agent is also that they will be completely up-to-date with any changes to the law and ensure you’re not missing out.

Beware Of Scams
Tax time is a popular time of year for scammers to target. It’s wise to be especially cautious. If someone contacts you telling you you’re eligible for a refund or you owe tax, don’t hand out your credit card details or click on link you don’t trust.

Review Your finances
The time is now to assess how your business is doing. Have you hit targets and met budget? June is the month to spring-clean your finances and think about what goals you’d like to achieve in the next financial year.

>> Keen to learn more about how ebroker can help you with business financing this EOFY? Give us a call 1300 44 14 14.







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