Maximize Your Tax Savings: A Year-End Financial Checklist for Businesses

Reviewing your business expenses and deductions: A guide to maximizing your EOFY tax benefits

The end of the financial year (EOFY) is a crucial time for businesses to review their finances, ensure compliance, and maximize tax benefits. By understanding your eligible expenses and deductions, you can reduce your tax liability and free up more resources for future growth.

Schedule a free call with Australia’s Best Accountants to save on your taxes today!

Comprehensive Checklist

This checklist outlines key steps to take when reviewing your business expenses and deductions:

1. Gather Documentation: Compile all receipts, invoices, and relevant documentation for the past financial year. This includes:
   • Business Expenses: Rent, utilities, supplies, equipment, marketing, travel, salaries, and other operational costs.
   • Work-Related Expenses: Home office expenses, travel expenses, uniforms, and other costs incurred for work purposes.
   • Capital Purchases: Significant purchases like equipment or vehicles, for which you may be eligible for depreciation deductions.
2. Review Your Business Activities: Identify all your business activities and transactions for the financial year. This includes:
   • Sales: Track all sales revenue and ensure it’s accurately reflected in your financial records.
   • Purchases: Review your purchasing history to identify eligible deductions.
   • Investments: Assess any investments made during the year, including property, shares, and crypto assets.

1. Identify Eligible Deductions: Consult the ATO website, tax guides, and seek advice from a qualified accountant to identify all eligible deductions for your business. These may include:
   • Operating Expenses: Deductible business expenses incurred during the year.
   • Capital Allowances: Depreciation deductions for assets used for business purposes.
   • Travel Expenses: Deductible travel costs for work-related activities.
   • Home Office Expenses: Deductible expenses for a dedicated home office space.
   • Bad Debts: Deductible losses from uncollectible debts.
   • Other Deductions: Specific deductions may be available for your industry.
2. Review Financial Statements: Thoroughly review your income statement, balance sheet, and cash flow statement to ensure accuracy and identify any areas that might impact your tax return.

• Plan for the Future: As you review your expenses and deductions, consider:

• Investment Strategies: Evaluate your investment portfolio and explore opportunities for future growth.
• Financial Management: Identify areas to improve financial efficiency and reduce expenses going forward.
• Tax Planning: Strategically plan your future expenses and income to minimize your tax liability in the upcoming year.

Scam Awareness

Be cautious of tax refund scams that may attempt to exploit businesses during EOFY. Be wary of:

• Unsolicited Calls or Emails: Never provide personal or financial information to individuals or organizations you don’t know or trust.
• Suspicious Offers: Beware of offers that seem too good to be true, especially those promising large tax refunds.
• Fake Websites: Check the legitimacy of any websites you visit, especially those requesting personal information.

Tax Agent Information

Consider consulting with a qualified tax agent to:

• Maximize Deductions: Ensure you’re claiming all eligible deductions and minimize your tax liability.
• Ensure Compliance: Ensure your tax return is accurate and filed in accordance with ATO regulations.
• Receive Advice: Benefit from expert advice on tax planning and future financial strategies.

Reviews and Testimonials:

Here is what our clients had to say: 

1. 1. “Great partner of Tupperware Australia! Maru and Charitha have both been reliable, trustworthy and clear in their communication. If you are looking to outsource your payroll function, these guys can look after it pain-free and it is well worth the dollar spent. Looking forward to continuing and maintaining business with you! Thank you so much for looking after us.” – Ian Wong
   2. “So happy to find Maru as my new Accountant after a bad experience with another previously.Maru was able to identify previous errors made and make amendments to benefit me with my return.I recommend PremierOne and Maru especially. Don’t bother looking at other Accountants via Google reviews, you’ve found the right one here!” – Tiff

• “Maru was great to deal with. He had prep everything for me also lodged my tax return within short period of time. Cannot thank him enough. I will see you again for my next tax return.Super fast service & polite human being.” – Cyrus LWR

Contact Us

By taking a proactive approach to EOFY review and utilizing expert guidance, you can optimize your financial position, minimize your tax liability, and set your business up for success in the year ahead.

Schedule a free call with PremierOne to optimize your savings and set yourself up for financial success in the upcoming year.