The End of Financial Year Checklist You Actually Need
Last financial year just closed. If it felt like a scramble, that wasn't bad luck, it was timing. Most business owners only start thinking about tax planning in May, when most of the year's decisions have already been made and there's nothing left to plan, only things to react to. This isn’t a good place to be in.
July is actually the better time to start. You've got twelve months ahead of you instead of six weeks, which means real decisions, not last minute ones.
What actually needs sorting before next June 30
Trust distributions, if you run one
Discretionary trusts need a signed resolution deciding who gets what, dated by June 30. Miss it, and the trust can end up taxed at the top rate on everything. This one has a hard deadline and no flexibility, so it's worth having sorted well before it's urgent.
Bad debts, written off before they cost you twice
If a customer's never going to pay, June 30 is your cutoff to formally write it off and claim the loss. Wait, and you've lost the money and the deduction.
Stocktake, especially if things move
If you carry inventory, a June 30 count keeps your figures accurate and stops you overpaying tax on stock that's sitting on a shelf, not in your bank account.
Prepaying expenses, if it makes sense for you
Insurance, subscriptions, rent, some expenses can be prepaid to bring the deduction into this year instead of next. Whether that's worth it depends on your situation, but it's a decision made with time, not in a panic.
Buying equipment, only if it's actually ready to use
The asset has to be installed and ready to use by June 30, not just ordered.
Getting your records ready for your accountant
None of the above matters if your books aren't reconciled when tax time comes. Loose receipts and guesswork cost more in accountant hours than the sorting would have taken you in the first place.
Why this list can't just be memorised
Here's the part people miss: this list isn't fixed. Thresholds move. Instant asset write off limits change from one year to the next. New rules get introduced, Payday Super is a recent example, and they change what you need to be doing and when. What worked last EOFY isn't guaranteed to be the right move this time.
That's exactly why a once a year phone call in June isn't enough. Tax planning works when someone's actually watching the changes as they happen, not explaining them to you after the fact.
At Citrine Advisory, we keep our clients up to date as the rules change, not just at tax time. So when June rolls around, you're not scrambling to catch up, you're already ahead of it.
If you'd rather start this year's planning now than repeat last year's scramble, let's talk.