The end of financial year has come fast!

We have made a list of useful dates and advice for small businesses to make it easier for you this EOFY!

Getting to end of the financial year is a big moment for all businesses, large and small! For most it marks when business owners wrap up their books and begin finalising their tax time paperwork and accounting. This is a time for business owners to start planning for the next financial year and how they intend to grow.  

Financial Year Dates

Australia’s Financial year starts 1st of July and ends 30th of June, the following year.

Tax Return 2022

The tax season runs between 1st of July 2022 to 31st of October 2022. If you use a tax agent, and have booked an appointment before the 31st of October, you may have until the 15th of May 2023 to lodge this year’s tax return.

There are a few dates for small businesses to remember to ensure they submit all necessary items for 2022 Financial year.

Sole trader/self employed

For sole traders, speak to your Tax Accountant. If you lodge by yourself, your tax return can be lodged from 1st of July to 31st of October  each financial year. 

Partnership

Speak to your Accountant or If you lodge by yourself, your partnership tax return can be lodged from  1st of July to 31st of October each financial year.

Company

Company tax returns lodgement dates can differ. however, the majority of company tax returns will be due 28th of February , however, we recommend you speak to your accountant or check the ATO website for specific dates for your business.

What do I need to submit?

Before the EOFY 2022, Speak to your accountant about what records you may have to submit for your business. Until then here is a list of tasks that may be relevant to your business.

• Completing your business tax return
  • A business tax return reports your company’s income, tax deductions, and tax payments.

• Profits and loss statements
  • A profit and loss (or income) statement lists your sales and expenses, it determines whether or not a company has profited over a certain period.

• Sort out your bookkeeping
  • Having up to date and organised bookkeeping ensures that your business has thorough evidence to support your claim. Also, we recommend that you keep receipts for your business for about 5 years.

• Debtors and creditors list
  • Keep a record of where the business owes money and who owes money to the business

• Stocktake list
  • You should keep a record of stock quantity, stock value, employees completing it, when it was done and the basis of the valuation

• A list of Assets
  • Assets can be anything that is used to produce economic value for the business and is normally kept in a depreciation schedule.

• Claiming all eligible tax deductions for the business
  • This includes all your transactions related to maintaining and running the business

Business goals for next Financial Year?

The end of the financial year gives businesses access to a lot of new data about their business that is super useful.

Consequently, this makes it the perfect time to evaluate the success of your business over the last year and consider making any new plans or changes for the new financial year. Here are some examples of some questions you should ask yourself and your team:

• What worked well for the business?

• What didn’t work well?

• Do we need to change our budgets? Have they changed and why?

• Do we have mini budgets for sales lines, employee expenses, purchases and motor vehicles?

• How much did we spend on fees or interest?

• Where was the most money spent?

• What is our business strategy and is it achievable?

• Is our business structure still appropriate? Accordingly, Do we need to change it?

Unsure if you can answer all of these questions?

We’ve got your back!

Book a consultation with the advisors at Second Look for a in depth look at your business and its strategies for the next financial year.

Do you feel like you might not be getting back all that you put into your business or taxes?

Let us take a second look!

The team at Second Look have an eye for detail and are always happy to help you get the most out of your finances!

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