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6 smart ways to prepare for EOFY (without the stress)

Another financial year is wrapping up, and while EOFY can feel overwhelming, it doesn’t have to be stressful. A few smart moves now can help you feel clear, confident, and even a little bit proud when tax time rolls around.

If anything is unclear, feel free to reach out – we’re here to help you make confident and informed decisions about your finances.

Stay calm and get EOFY ready.

  1. Organise receipts and invoices:
    Let’s be honest – that overflowing email folder isn’t sparking joy. Set aside an hour to gather your receipts, invoices, and records. There are great apps (or your accountant!) that can help make this easier than you think.
  2. Review income and expenses:
    Reviewing your numbers can show you what’s working, what’s not, and where your money is really going. It’s like a financial check-up – and a great way to feel more in control.
  3. Consider asset purchases:
    If you need a new laptop, tools, or equipment for your business, now’s the time to think about what assets could be tax-deductible if purchased before June 30.
  4. Make super contributions:
    If you’re in a position to top up your super, it might give you a tax break now and grow your retirement savings later. Just be mindful of the contribution limits – your accountant (us!) can guide you through it.
  5. Write off bad debts:
    Chasing overdue payments is exhausting. If it’s clear that some invoices just won’t be paid, writing them off before EOFY might reduce your taxable income – and bring you a little peace of mind.
  6. Plan for next year:
    EOFY isn’t just about looking back – it’s the perfect moment to set goals, create a budget, or even revisit your pricing. Think of it as closing one chapter and starting the next with purpose.

 

Let’s make this EOFY your smoothest one yet.

At Kaleidoscope Accounting, we help businesses take control of their EOFY planning with clarity and ease. We’re here to guide you through all of the steps – so nothing gets missed.

Contact us on 0417 859 700 or email rebecca@kaleidoscopeaccounting.com.au to book your pre-June 30 planning session.

 

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