Top 10 tips for end of financial year

As the end of the financial year approaches in 2024, it’s important for businesses to start thinking about their tax obligations and financial strategies. Here are the top ten tips to help you make the most of the 2024 end of financial year:  

1. Review your financial statements

Take a close look at your financial statements for the year and ensure that everything is accurate and up-to-date. This will help you to identify any potential issues and make any necessary adjustments.

2. Claim deductions

Make sure that you are claiming all of the deductions that you are entitled to. This includes expenses such as office supplies, travel, and equipment.

3. Consider asset purchases

If you’re thinking about purchasing new assets for your business, it may be worth doing so before the end of the financial year. This will allow you to claim depreciation on the assets in the current financial year.

4. Understand changes to tax laws

Keep up-to-date with any changes to tax laws that may affect your business. This will help you to ensure that you are complying with all relevant regulations.

5. Plan for the next financial year

Use the end of the financial year as an opportunity to plan for the year ahead. Set goals and create a budget that will help you to achieve them.

6. Reconcile your accounts

Make sure that all of your accounts are reconciled before the end of the financial year. This will help you to identify any discrepancies and ensure that everything is in order.

7. Make super contributions

If you are planning to make super contributions for your employees, make sure that these are done before the end of the financial year to ensure that you can claim them as a deduction.

8. Review your insurance policies

Take a look at your insurance policies and ensure that you have adequate coverage for your business. This will help you to protect your assets and mitigate risks.

9. Get professional advice

If you’re unsure about any aspect of your finances or tax obligations, it’s a good idea to seek professional advice from an accountant or financial advisor.

10. Keep accurate records

Finally, make sure that you keep accurate records of all of your financial transactions throughout the year. This will make it easier to complete your tax return and ensure that you are compliant with all relevant regulations.