loader image

Home > Blog > End of Financial Year Tips

End of Financial Year Tips

Date: 24 May 2023

Avoid any suprises when the financial year ends! It is crucial to be organised and resume business operations smoothly.

We want to share an article from myBusiness, ‘Tips to Prepare for End of Financial Year’. This article offers valuable insights on how to operate efficiently by maximising returns and avoiding costly mistakes. Below is a summary of a few tips the article outlined:

  1. Get your records in check: Prepare your financial records to ensure they’re accessible come tax time. As a small business owner, it is essential to complete all yearly tasks.
  2. Tax deductions and planning: Find out what tax deductions and concessions you can claim and ensure you have records proving the expenses you claim as business deductions. Begin planning for the end of financial year by writing off any debtors or assets to claim a tax deduction.
  3. Business planning: Look at whether you met your targets and what you will do differently next financial year. Take time to organise yourself for the year ahead, work out what went well and what didn’t. Outline the aspects that you enjoyed, and whatever you decide from here ensure you track your progress. Conduct a thorough review of your finances with the assistance of your accountant or bookkeeper. Most importantly, make the most of opportunities and assess whether your strategies are working.
  4. You don’t have to do it alone! Our team here at Roberts + Morrow are here to help. Rushing the process can result in problems. Allowing us to support you can alleviate any surprises later in the process.

If you require guidance to get on track for the next financial year please reach out to our team here at Roberts + Morrow.

Start today

To get in touch with our team, start by emailing us at enquiries@rm.net.au

Know More

Armidale Keynote Event – Leading on the Edge

Armidale Keynote Event – Leading on the Edge

Last week, we were proud to host the Leading on the Edge Keynote Event in Armidale as part of R+M’s 75‑year celebrations. Held at the Armidale Ex‑Services Memorial Club, the event brought together clients and business leaders from across the New England North West....

read more
Payday Super Reforms

Payday Super Reforms

Payday super reforms (Australia) commence 1 July 2026. Employers will need to pay Super Guarantee (SG) contributions at the same time as wages, rather than quarterly. What’s changing • Super must be paid on payday: employers must pay SG at the same time as wages...

read more
ATO New Guidelines for Charging Cost of Hybrid Vehicles

ATO New Guidelines for Charging Cost of Hybrid Vehicles

ATO NEW Guidelines for Charging Cost of Hybrid Vehicles An employer or employee may wish to calculate home charging cost of an electric car for reimbursement of these costs or providing an electric car to an employee. On 20 November 2025, the ATO updated Practical...

read more