Deadly Digits end of financial year checklist
End of Financial Year can be one of the most stressful times of the business year. That’s why Deadly Digits is here to help to remind mob what they need to do to get ready for EOFY.
GET PLENTY of SLEEP and EAT WELL.
Skipping meals and working late into the night is not always the best approach. Being tired and hungry you may lose your concentration and miss things.
While this is easier said than done, think of ways of giving yourself a little break. It may be a short walk around the block or having a cup of tea sitting in the sun.
Running a business is hard work, and you are doing the best you can.
SIMPLE TIPS TO BE EOFY-READY
- DEDUCTIONS – what did you spend on your business? Gather all your receipts.
- INCOME – what did you earn in your business? Gather your payslips/invoices.
- LODGE – your tax return with an accountant, or tax agent or prepare yourself.
- REVIEW – this is an important step! Reflect on how you went preparing for EOFY and see where you could have done it better to make it easier next year.
DID YOU KNOW?
- Do you work from home? You might be able to claim electricity, phone and internet.
- Do you travel a lot of work? You might be able to claim car mileage, car parking, flights and hotel expenses.
- Do you send a lot of things in the mail for work? You might be able to claim postage and stationery.
AT A GLANCE: WHAT YOU NEED TO PREPARE FOR EOFY
There are a number of EOFY support resource available for Indigenous businesses.
- You can contact the ATO Indigenous Helpline number (13 10 30) and the ATO Business tax Infoline (13 28 66) for assistance.
- The ATO has further information for Indigenous businesses available on their website.
- More information about deductions for all small business can be found via the ATO website.
NB: Taxpayers should have their ABN and TFN ready when they see their accountant and tax agent or when preparing their own return.