This also makes it much easier to work with your accountant to maximise any relevant deductions. Tip: If you struggle with managing your expenses and keeping track of pesky receipts or invoices, you can use MYOB Capture App to snap a photo of invoices or receipts and have them automatically uploaded to your accounting software via the In Tray. This is something to consider when changing solutions providers or acquiring new technology solutions. The ATO requires businesses to keep records for at least five years, while at the same time more businesses are choosing to go paperless. If you’re not one of those hyper-organised types and you’d like to be, here’s a seven-point checklist to EOFY for the small-and-medium business owner.Ī non-negotiable aspect of EOFY means checking all reports and records are compliant with the Australian Tax Office (ATO). In fact, some business owners outsource and automate their EOFY processes to the point that tax time never bothers them again. There’s no wonder, then, that tax time induces a certain level of anxiety among many business owners - but it doesn’t have to be that way. It’s also the most important time of the year for business owners to maintain compliance and set their business up for success. This handy EOFY checklist for businesses offers a quick overview of the key processes and major to-do items.Įnd Of Financial Year (EOFY) isn’t just a marketing opportunity for businesses looking to entice business customers to make the most of available tax deductions. ![]() ![]() Getting your business’s end of financial year work done smoothly is no small task.
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