{"id":283482,"date":"2025-06-09T11:10:03","date_gmt":"2025-06-09T11:10:03","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/its-your-first-year-in-business-eofy-explained\/"},"modified":"2025-06-09T11:10:03","modified_gmt":"2025-06-09T11:10:03","slug":"its-your-first-year-in-business-eofy-explained","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=283482","title":{"rendered":"It\u2019s your first year in business \u2014 EOFY explained"},"content":{"rendered":"


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EOFY for first-time business owners can be a particularly daunting time.<\/p>\n

But you don\u2019t have to feel like you\u2019re lost in the wilderness. We\u2019re going to cover everything you need to set off in the right direction.<\/p>\n

End of Financial Year. EOFY. It\u2019s a topic that tends to get spoken about quite a bit over the course of one or two months each year, but why is it so important?<\/p>\n

EOFY can mean different things to different people,<\/a> but understanding what it means for you in terms of your obligations to the Australian Taxation Office (ATO) is critical for staying on the right side of the law.<\/p>\n

EOFY for first-time business owners<\/h2>\n

For the new business owner, EOFY means your business activity needs to be recorded and submitted through a tax return.<\/p>\n

This means collating invoices, receipts, bills, payroll information and other documentation to substantiate claims for your fledgling organisation.<\/p>\n

Also, your process for this should include a bookkeeper and\/or accountant. Given it\u2019s your first EOFY, we highly recommend you consult a qualified advisor.\u00a0 <\/p>\n

Understanding tax implications for your business can be complex, and ensuring you get it right is the role of your advisors.<\/p>\n

Accounting software is essential to ensure that you are capturing all the requirements for your business throughout the financial year and giving you peace of mind that come end of financial year the process of reviewing your tax will be easier for your advisors. \u00a0<\/p>\n

Whether you\u2019re a sole trader or a growing business in need of powerful management solutions, we\u2019ve got you covered.<\/p>\n

COMPARE PLANS TODAY<\/strong><\/a><\/h4>\n
\"EOFY<\/a><\/figure>\n

Here are some important tips and resources for you to consider as we move towards this busy time of year:<\/p>\n

1. When does the current financial year end?<\/h3>\n

The Australian income tax year\u00a0ends on 30 June 2025<\/p>\n

2. How do you understand your tax obligations?<\/h3>\n

By having real-time reporting through accounting or business admin solutions and working with your bookkeeper and\/or accountant now to plan for the end of financial year tax obligations, you are well placed to understand the implications and set yourself up for success.<\/p>\n

If you\u2019d prefer to understand this process yourself, the ATO has created\u00a0a range of calculators<\/a>\u00a0to assist you.<\/p>\n

3. Claiming expenses<\/h3>\n

There are a wide range of expenses that may be claimed for operating your business.\u00a0 <\/p>\n

If you are unsure about what can be claimed, consult your advisors. But remember to substantiate most claims, you\u2019ll need invoices and\/or receipts.<\/p>\n

A great way to capture your expenses seamlessly is with apps like Solo by MYOB<\/a> or the MYOB Capture App.<\/a> They give you a central location for all your documents, which means less stress for you at tax time. It also gives easier access for your accountant and bookkeeper so you\u2019re always compliant.<\/p>\n

Also, capital expenses may be calculated by depreciation or asset write-off. <\/p>\n

For more information on this and how much you can claim its always best to consult your advisors. <\/p>\n

Moreover, to understand this area more, check out\u00a0the ATO\u2019s depreciation guide<\/a>.<\/p>\n

4. Write-offs, deductions and rebates<\/h3>\n

There could be write-offs, deductions and rebates that apply to your business. <\/p>\n

To find out, talk to your advisors well before 30 June to ensure you can take advantage of these measures.<\/p>\n

5. Stocktakes and Inventory Management<\/h3>\n

If you have stock you should perfom a stocktake to ensure you value this stock on hand accurately. <\/p>\n

Check your stock for anything that is damaged or you can\u2019t sell because you may be able to write it off.<\/p>\n