For many local businesses, the start of the new financial year also marks the start of a new insurance cycle. If your policies are coming up for renewal, now’s the time to sit down and carefully review your arrangements. From paperwork organisation to maximising deductions, careful planning can help optimise your financial position and ensure compliance with regulatory requirements.
Here are some key tips to help you prepare your business for EOFY and set the stage for a successful new financial year.
- Prepare your paperwork for the ATO
One of the crucial aspects of EOFY preparation is ensuring that your paperwork is in order for the Australian Taxation Office (ATO). Gather all the necessary documents such as financial statements, income and expense records, receipts, and invoices. Verify that these documents are accurate and up to date. Being organised will streamline the process of tax filing and help you avoid last-minute stress.
- Maximise your deductions
Deductions are important and are often overlooked when it comes to the End of Financial Year accounts. Reviewing your business deductions can help you maximise your tax return and set you up for a successful year ahead. Some practices to keep ahead when managing your deductions are: collate your documentation, track your spending, know what you can and can’t claim and keep records of your asset purchases.
- Check your superannuation
Superannuation applies to all businesses. However, the amount you pay will differ depending on the size of your business. You can help to meet your End of Financial Year obligations by making sure you are up to date with your contributions to avoid penalties and keep your records in order so you can determine how much you need to contribute for each employee.
- Plan in advance of the submission dates.
Get ahead now, and review the requirements date for each area in advance. To make this as seamless and stress free as possible, make sure you meet with key personnel and stakeholders in your organisation to allocate and delegate these tasks as you approach the date. Once you have done this, it will help you create a workflow plan for the future as you will already have in place who, when and what tasks are to be carried out.
- Review your business insurance
Our insurance advisers can work with you to cover and review all aspects of your insurance requirements and policies. Some ways in which our team can assist you is:
- Ensure your business is adequately covered for all its activities.
- Evaluate policy limits and excesses to ensure they remain suitable for your needs.
- Adjust your policy to include new staff or equipment acquired during the year.
- Stay informed about legislative changes that may affect your business insurance requirements.
As the new financial year begins, it’s crucial to review your insurance policies and ensure your business is adequately protected. Our team of insurance advisers are here to assist you every step of the way. Together we can check your policies, explore your options and help you achieve the best possible outcome for the year ahead.
LA Insurance Pty Ltd ABN 16 610 540 577. Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd, Australian Financial Services License 240549. Corporate Representative No. 1255587.
Any information provided herein is of a general nature only. No consideration has been taken into your objectives, needs or financial situation. Before acting on this information you should consider if it is appropriate for your situation.