As the end of the financial year approaches, businesses in Perth face unique challenges and opportunities. With the fiscal year closing on June 30th, it’s critical for local businesses to ensure that they are compliant with all regulations and positioned to take advantage of potential financial advantages. Here’s a comprehensive checklist tailored for Perth businesses to help you prepare efficiently.
1. Financial Review
- Audit Your Accounts: Ensure that all financial transactions are accurately recorded. Review your profit and loss statements, balance sheets, and cash flow statements. Speak with one of our management accountants today if you need help understanding the financial terms.
- Debtors and Creditors: Review your accounts receivable and payable. Chase up outstanding invoices and plan to pay your own bills, ensuring your books are up-to-date.
2. Tax Planning
- Meet with an Accountant: Discuss tax minimisation strategies and ensure compliance with all ATO requirements. This could include pre-paying expenses or deferring income.
- Maximise Deductions: Identify potential deductions like unclaimed expenses, and consider making purchases that can be written off, such as office equipment or business vehicles.
3. Stocktake
- Conduct a Physical Inventory Count: This is particularly important for the retail and manufacturing sectors as it reconciles actual stock with recorded inventory.
- Manage Stock Levels: Clear out old or obsolete stock with discounts or promotions to improve cash flow.
4. Budgeting for the New Fiscal Year
- Set Financial Goals: Based on the past year’s performance, set realistic financial targets for the coming year.
- Prepare a Budget: Create a detailed budget that aligns with your strategic goals for the next fiscal year.
5. Employee and Payroll Check
- Review Salaries and Wages: Ensure all payroll information is up-to-date and complies with current tax laws.
- Superannuation Contributions: Check that all super contributions are made and cleared by June 30 to claim a tax deduction.
6. Legal Compliance
- Business Licenses and Permits: Ensure all necessary business licenses and permits are renewed.
- Insurance Policies: Review your insurance policies to ensure they adequately cover all aspects of your business.
7. Digital Security and Data Backup
- Secure Digital Assets: Ensure that all business data is securely backed up and that your cybersecurity measures are up to date.
- Software Updates: Update all business software to keep systems secure and efficient.
8. Review and Plan Marketing Strategies
- Assess Marketing Efforts: Review the effectiveness of past marketing campaigns and plan your marketing strategy for the next year.
- Prepare for EOFY Sales: Plan and prepare for end-of-financial-year promotions to boost sales and clear inventory.
9. Professional Development
- Plan Training: Identify any skills gaps in your team and plan for professional development to enhance capabilities and efficiency.
10. Succession Planning
- Future-Proof Your Business: If you’re considering retirement or changing the business structure, start consulting with advisors on succession planning.
By following this checklist, Perth businesses can meet their compliance obligations and position themselves for success in the new financial year. Remember, preparation is key, and early action can significantly impact the bottom line and future growth prospects.
