EOFY tips for your small business

It may feel like we only just finished cleaning up from the New Year’s Eve party, but with the end of financial year (EOFY) rapidly approaching it means it’s time to start to get your books in order.

To help make the process as streamlined as possible, we’ve got some tips and tricks to get you and your small business sorted for tax time. Our friends at Xero are in the know when it comes to taxes and, by following a few steps and signing up for Xero, the end of the financial year can be smooth sailing.

Know the key dates

First things first, you’ll need to know what is due and when so you don't miss your EOFY obligations.

Obviously, the most important date is June 30, the end of the financial year but your fourth-quarter superannuation deadline is July 28. If you are using Auto Super in Xero, you’ll need to approve this by July 18 at 2.00pm to allow enough time to process. Your business activity statement (BAS) may also need to be paid by June 21, depending on your business structure.

There are other key dates to consider in July, August and September, but then the big one is October 31, when your tax return is due.

Getting your banking finalised

The other obvious element of preparing for the tax season is making sure all your accounts are in order. It’s all well and good to be on time, but you want to be accurate as well to ensure you get exactly what you’re owed and that you don’t overpay. Start by banking all the payments you’ve received before June 30, so you can include them in your tax return. Then you’ll want to enter and approve all invoices, bills and expense claims.

Then, to ensure everything is up to date, you should go through your bank accounts and make sure they’re all accurate and that they tally with your bank statements.

Using Xero will help with this, but working with your accountant will also be important. Ideally they’ll be connected into your Xero account and they can work through all your details with a professional eye to make sure you’ve got everything you need organised in time.

Shell Card saves you time

Shell Card

holders can have an even easier time organising their EOFY obligations, as your account can be paired directly to your Xero account to make administration and tax seamless. By connecting your accounts, any payment on your Shell Card will automatically flow through to your accounting software, which will save you time and reduce the need for manual data entry. In turn, this means a simpler and quicker flow of accounting information to make sure everything is on track.

This switch from manual data entry to automated information directly from each transaction also means error-free reporting, which will help ensure you submit an accurate and timely tax return.

^Disclaimer

^{Viva Energy Australia Pty Ltd (“Viva Energy”) has compiled the above article for your general information and to use as a general reference. Whilst all reasonable care has been taken by Viva Energy in compiling this article, Viva Energy does not warrant or represent that the information in the article is free from errors or omissions or is suitable for your intended use.}