It’s hard to believe we’re nearly at the end of another financial year. And yes, you know what that means — it’s time to tidy up the books, review your records, and make sure everything is in order before 30 June arrives.
To help you get organised, we’ve put together some practical tips that’ll make the process a whole lot smoother.
For Doctors: Don’t leave these to the last minute.
Service fees are often one of your biggest expenses. Check that they’ve been paid in full and in line with your agreement before 30 June.
Prepay what you can. Things like professional memberships, subscriptions and donations may be deductible, and bringing these forward could work in your favour.
Make the most of your super. You can contribute up to $30,000 in concessional contributions this financial year (inclusive of Employer contributions), just make sure your payment is received by your super fund well before the deadline. You must also lodge your Notice of Intent to claim a deduction.
You may be able to benefit from unused tax deductible contributions from the last five years where contributions have not been maximised; this needs careful consideration so plan early.
Update your logbook. If you use your car for work, a current logbook helps you claim fuel, rego, insurance and other running costs up to your business-use percentage.
Bought any assets? Now’s the time to pull that info together while it’s fresh and easy to find.
ATO Payment Arrangements. If you have one in place, from 1 July the interest is no longer tax deductible. Consider alternative ways to pay off your debt sooner rather than later to maximise your deductible debt.
For Practice Managers: These tasks are key.
End of Financial Year (EOFY) preparation is a team effort, and we know practice managers are often the ones keeping everything running behind the scenes. Here’s what to keep an eye on:
Reconcile staff wages and super. Remember, super must be paid before 30 June if you want to claim the deduction this financial year.
Review expenses. Make sure any tricky items (like entertainment, staff training or repairs) are clearly explained.
Clear out the Practice Clearing Account. If this still applies, ensure all service and doctor payments are processed before 30 June.
Sub-leased rooms? Now’s a great time to check that any rent reviews were completed during the year.
STP finalisation is due by 14 July. Best to plan ahead so you’re not chasing last-minute fixes.
Make the most of your tax position.
Tax is likely one of your largest outgoings, so it’s well worth taking the time to get things right and maximise your available deductions.
We’ve prepared some detailed EOFY checklists to help you stay on track. Click the buttons below to access the tools that’ll help make this process easier for you and your team.
Nicole is passionate about working with clients to assist in wealth creation and wealth accumulation strategies. Nicole takes the time to understand their goals and motivations to provide them with tailored advice. Working closely with clients to better understand their needs, she draws on years of experience to help clients achieve their goals.
