Four areas to focus on your business ahead of EOFY

The EOFY can be a busy and exhausting time for some businesses and with June 30 just around the corner, it is important to ensure you make the time to plan and prepare as this will allow your business to be organised and ready for the year ahead.

Below are four areas you should focus on to prepare your business ahead of EOFY

Review your business structure

It may be a good time to review your business structure, or to restructure your business as your business continues to grow and expand. Ensuring you choose the right business structure is important as this can help your business save money and can also help protect your personal assets.

Keep up to date records

It is important to stay up to date with your financial records as this will help with tax planning. Financial records consist of all data, including invoices, assets, bank statements, expenses, deductions, and receipts. Keeping up to date means you can keep a close eye on cash flow and business health as well as superannuation and tax commitments. It is important to include records and any relevant information to support your returns and reports.

Tax deductions you can claim

You may be able to claim deductions for your business expenses if they relate directly to your income earning. The expenses must have been for your business, not for private use, and have records to support what you claim.

Businesses may be able to claim deductions for the following:

Machinery, tools, or computers

Business travel expenses
Motor vehicle expenses
Repairs, maintenance, and replacement expenses
Home-based business

You must be able to prove the expenses that you wish to claim as business deductions.

Review

The end of financial year is a great time to review your business health and structure and look at how your business performed through the year. This will allow you to see what worked well and what changes need to be put in place to help your business grow and succeed.