Getting ready for financial year end – 31 March

It’s hard to believe, but the end of the financial year (EOFY) is just days away.

With only one week until the 31 March deadline, there are a few tactical moves we can make to optimise your tax position.

Bank & Loan Statements

Please ensure these are kept for EOFY, as we will request them alongside the End of Year Questionnaire.

Accounts Receivable

Review your outstanding invoices and write off any bad debts (invoices not expected to be paid). Ensure your report is accurate and up to date.

Accounts Payable

Prepare a list of any bills your business owes that are dated 31 March or earlier. If you use Xero, make sure the report is correct. Some bills may not be received until a few weeks later but can still be included.

Stocktake

If you hold inventory, schedule a stocktake for the close of business on 31 March. If you use an inventory system, remember to print the inventory report as at 31 March—especially if you operate a perpetual system.

Work in Progress

If you have work in progress as at 31 March, please provide the details so we can account for any unfinished work.

Fixed Assets

Review last year’s depreciation schedule and let us know if any assets need to be scrapped.

If you’ve bought or sold fixed assets during the year, please provide the relevant invoices. If these were financed, include the loan or finance documents as well.

Prepayments

If you have prepaid any expenses (such as insurance, rent, or professional subscriptions) before 31 March, please provide the details.

Getting these items sorted now will help ensure a smoother preparation of your financial results for the year. If you have any questions, feel free to get in touch.