Everything you need to know about End of Financial Year
Tax returns? Balance sheets? GST? Get all your tax time answers right here
What is End of Financial Year (EOFY) all about?
If you're a new business owner, this might be the first time you've had to think about what to do at the end of the financial year.
It's an important time for all kinds of businesses, from sole traders to big companies.
It's when you need to meet your tax obligations for the IR – but it's also the perfect time to plan for the next 12 months of your business.
Leading up to the EOFY, you'll need to complete certain tasks to keep your business in the IR's good books and in the best shape possible. These can include:
- submitting tax returns
- completing income statements
- figuring out your profit and losses
- lodging reports for your PAYE and GST
- conducting a stocktake
Select a date to find out what you need to do this tax time
28 January
Welcome to 2021
Have you figured out where your business is headed this year? Got some ideas about your goals? Even if you haven't nailed that yet, take a look at your checklist.
To do:
- GST return and payment due.
29 January
Talk your way to the top
Today is the birthday of talk show queen Oprah Winfrey. She’s talked her way to the top through her television empire and now has a net worth of US$2.6 billion.
To do:
- Employer deductions payment due for January for small to medium employers.
05 February
Go nuts for business
Today is world Nutella day, we’re nuts for that chocolatey spread, but also for succeeding in business.
To do:
- Employer deductions payment due for 16 to 31 January for large employers.
09 February
Share the love
Valentine’s day is coming up. Don’t forget to share the love for your business and make sure today’s tasks are checked off.
To do:
- 2020 end-of-year income tax due for people and organisations who don’t have a tax agent.
- Income year FBT return and payment due for people and organisations who don’t have a tax agent.
22 February
Nearly 2 months in
Did that go fast? It felt like it went fast. Never fear, you have ten more months to go before 2022. Sorry if that sounds a bit overwhelming. Take your mind off it by looking at your checklist.
To do:
- Employer deductions payment due for 1 to 15 February for large employers.
- Employer deductions payment due for January for small to medium employers.
01 March
Autumn is here
2021 is going fast! Get out your extra blankets because autumn starts next week! Oh, and take a look at your checklist.
To do:
- GST return and payment due.
- Provisional tax payments due for people and organisations who use the ratio option.
05 March
Kick for your goals
Today is the birthday of rugby’s greatest goal scorer Daniel Carter. How are you going at achieving your business goals?
To do:
- Employer deductions payment due for 16 to 28 February for large employers.
22 March
All you need is love (for your business)
On this day in 1963, The Beatles released their first album Please Please Me. Be sure to please please take a look at your checklist.
To do:
- Employer deductions payment due for 1 to 15 March for large employers.
- Employer deductions payment due for February for small to medium employers.
29 March
First quarter of 2020 is almost over
Before you know it, three months have gone by. Before you start Q2, make sure all the things on this checklist that apply to you are taken care of.
To do:
- GST return and payment due.
31 March
EOFY is here!
Wow, it's that time of the year again! Time to start wrapping up with end of year processes. And don’t forget to do your checklist today.
To do:
- Income tax returns are due if you have an extension of time.
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How to avoid making outrageous tax claims
Occasionally, tax claims made by small businesses extend into the fanciful, and that can land business owners in hot water with Inland Revenue.
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EOFY email reminders
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Tax time checklist
Get ready for tax time with this helpful checklist to assist with preparing your business tax return faster.
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Stay compliant, check your MYOB software for updates
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