EOFY Checklist: What Sydney Businesses Need to Know (Business Opportunities - Other Business Ads)
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EOFY Checklist: What Sydney Businesses Need to Know | |
The End of Financial Year (EOFY) is a critical time for every Sydney business. It’s your opportunity to finalise finances, maximise deductions, and set the tone for the next year. Working with a qualified Accountant Sydney from Byron’s ensures your EOFY preparation is accurate, compliant, and financially beneficial. Here’s a practical checklist our experts recommend to make your EOFY smooth and successful. ✅ 1. Reconcile All Accounts Start by ensuring your business bank accounts, credit cards, and loan statements are fully reconciled. Byron’s helps clean up your financial records and ensures your software (like Xero or MYOB) matches your actual statements — giving you reliable financial data. ✅ 2. Review and Finalise Payroll EOFY means preparing your Single Touch Payroll (STP) finalisation report for employees. Byron’s ensures wages, superannuation, and PAYG withholding are correctly reported and that your finalisation declaration is lodged with the ATO on time. Don’t forget to: Pay outstanding super by 30 June Check employee classifications and entitlements Finalise termination payments, if applicable ✅ 3. Maximise Tax Deductions Now is the time to review business expenses and make eligible purchases that can be claimed as deductions. Byron’s helps you: Identify deductible expenses Prepay costs (like rent or insurance) where beneficial Take advantage of instant asset write-offs We also guide you on legitimate motor vehicle, home office, and professional expenses that reduce your taxable income. ✅ 4. Write Off Bad Debts and Obsolete Stock If you’ve got unpaid invoices that won’t be recovered or inventory that’s no longer sellable, now is the time to write them off. Byron’s helps you document and report these properly — so you’re not taxed on income or assets that no longer exist. ✅ 5. Finalise and Lodge BAS For businesses lodging quarterly BAS, June is your final reporting period. Byron’s prepares and lodges your Business Activity Statement, ensuring your GST, PAYG, and other obligations are met before the deadline. ✅ 6. Review Your Business Structure As part of your EOFY review, Byron’s assesses whether your current business structure is still right for your financial goals. We’ll advise if transitioning from sole trader to company or trust could save you tax and offer better asset protection in the new financial year. ✅ 7. Plan for the Year Ahead EOFY isn’t just about looking back — it’s also the ideal time to plan forward. Byron’s helps you: Set budgets Forecast cash flow Update business goals Review KPIs and performance metrics Conclusion: Get EOFY Right With Byron’s A strong EOFY process sets your business up for long-term success. With Byron’s as your trusted Accountant Sydney, you’ll get expert support to navigate tax deadlines, uncover savings, and start the new financial year with clarity and confidence. | |
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| Target Prov.: All Provinces Target City : All Cities Last Update : Jun 23, 2025 1:36 AM Number of Views: 21 | Item Owner : ISABELLA Contact Email: (None) Contact Phone: (None) |
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2025-07-07 (0.386 sec)