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Financial management

Your essential EOFY business checklist

ANZ Financially Ready

2023-05-16 04:30

Key points

  • Round off the year by updating your key financial documents, including your balance sheet, profit and loss statement and cash flow statement.
  • Finalise your business’s bookkeeping and submit reports and returns in-line with your obligations to the Australian Tax Office (ATO).
  • Review existing systems and start making upgrades and plans before the new year ticks over so you’re ready for a clean start.  

End of financial year is the time to prepare your business to meet various financial obligations. It’s also a great opportunity to organise, reflect, reset and make plans for your business to execute over the next 12 months. Use our checklist below to get started now so you’re financially ready for EOFY. 

Complete essential bookkeeping to fulfil your tax obligations 

At EOFY time, keeping good financial records becomes even more essential to ensure you meet your obligations to The Australian Tax Office (ATO).  Don’t forget, The ATO requires all business records to be kept for at least five years.

  • Update and lodge business activity statements (BAS)
    You’ll need to do this if your business is registered for goods and services tax (GST). Use the systems in your accounting software and work with your registered tax agent to make sure nothing gets missed.
  • Lodge relevant tax returns and reports.
    On top of income tax returns, you might also need to lodge reports for GST and fringe benefits tax (FBT) if applicable.
  • Complete a stocktake before the end of the year.
    If your business buys and sells products, you may be required to conduct a stocktake.
  • Update liabilities on your balance sheet.
    As well as loans and overdrafts, don’t forget to include liabilities like customer deposits, gift vouchers and lay-buys if applicable.
  • Prepare to claim deductions.
    You may be able to claim for vehicle and travel expenses, machinery and tools including computers and software. Understand the ATO’s recent changes to deductions for home office expenses.
  • Finalise your employees’ payroll information for the year.
    Lodge your employees’ pay as you go (PAYG) withholding and understand your obligations around Single Touch Payroll (STP) which was expanded in 2022.
  • Prepare a Taxable Payments Annual Report (TPAR).
    If you work with contractors and sub-contractors, this might be a requirement for your business.
  • Pay superannuation on time.
    Make sure your superannuation obligations are paid by the end of the year and consider making voluntary contributions.

Get your business systems in order 

With so much to do in business, EOFY is the perfect time to reset and upgrade your systems, especially if your business has grown significantly this year. If possible, it’s ideal to get any upgrades ready before the new financial year ticks over so you can enjoy a clean start.

  • Backup all business documents.
    Make digital copies of any paper records and ensure all your digital systems are being regularly backed up.
  • Set up new software or tools.
    If you’re investing in any tools to help you run your business, it’s a good idea to get these ready to start using as soon as 1 July hits.
  • Review and upgrade your cyber security.
    If your cyber security isn’t up to scratch, now’s the time to secure your business against cyber attacks.
  • Finalise applications for new accounts, loans or credit.
    If you need a new business bank account or want to apply for a loan, overdraft or credit card, get the application in before EOFY so you can be ready to go in the new year.
  • Review your insurance policies.
    Consider whether you need any changes to your business insurance.
  • Review your business structure.
    Is it time for a change in your business structure? It might be time, for example, to register your company.
  • Reflect on your success and set new goals.
    If you’re looking to grow your business, set some goals to work towards next financial year.

Next steps

  • Need help developing your balance sheet, profit and loss statement or cash flow statement? Make sure your financial basics are in order with our tools and templates.
  • Plan to keep costs down in your business next financial year.
  • Whether you’re looking for new customers or want to develop a new product or service, get ready to thrive next year with our guide to growing your business

Please note that some of the links in this article are to the ATO website.

Your essential EOFY business checklist
Business specialist
ANZ Financially Ready

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This is general information only, so it doesn’t take into account your objectives, financial situation or needs. ANZ is not giving you advice or recommendations (including tax advice), and there may be other ways to manage finances, planning and decisions for your business.

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