EOFY 2024 – Strategies for Success with Tax, Growth, and Skills

February 15, 2024
10:08 am

As EOFY 2024 approaches, it’s essential for both individuals and businesses in Australia to get their finances in order for the new financial year, and to leverage any opportunities for savings and growth. Here’s a comprehensive guide on how to navigate EOFY 2024, with a focus on how courses from The Career Academy AU can aid in maximising your tax benefits and enhancing your professional development.

What is EOFY anyway?

In Australia, the End of the Financial Year (EOFY) falls on June 30th. It’s the finishing line for your business or individual tax year, marking the point where you need to wrap things up and report your income and expenses to the Australian Taxation Office (ATO). Think of it as your financial report card – a chance to assess your performance and plan for the year ahead.

EOFY 2024: What You Need to Know

Whether you’re a small business owner, a freelancer, or simply managing your personal finances, the end of the financial year marks an important time for reflection and action. Here are some key dates to remember:

For individuals: Tax return lodgement due between 1 July and 31 October 2024.

For businesses: Company tax return lodgement due by 7 July 2024 (unless an extension is granted).

Superannuation contributions: Quarterly contributions due by 28 July 2024 for the April-June period.

For Individuals: Maximising Your Tax Return

1. Prepay and Plan Ahead

One of the smartest moves you can make is to bring forward deductions. If you have investment properties or portfolios, consider prepaying up to 12 months of interest on investment loans before June 30, 2024. This strategic move allows you to claim a deduction in the current financial year for the prepayment.

2. Home Office Deductions

With the shift towards remote work, many individuals overlook the potential deductions available for home office expenses. The ATO has revised the fixed-rate method for calculating these expenses, emphasising the importance of consulting with a tax advisor to ensure you’re claiming all entitled deductions.

The ATO provides a detailed guide on calculating home office expenses.

3. Vehicle Expenses

If your job requires you to travel frequently using your own vehicle, keeping a detailed logbook can significantly increase your motor vehicle deduction. Remember, this logbook must be kept for 12 consecutive weeks and updated every five years or when your vehicle use changes.
Learn how to keep a vehicle logbook to claim car expenses.

4. Charitable Contributions

Donations to Deductible Gift Recipients (DGRs) can reduce your taxable income while supporting a good cause. Ensure your contributions are made to a DGR and keep your receipts for tax time.

For more details on EOFY and its implications, visit the Australian Taxation Office (ATO) EOFY Information page.

For Businesses: Streamlining EOFY Preparation

1. Financial Review and Record-Keeping

Ensure your income and expenses are summarised accurately in a profit and loss statement. It’s also the time for conducting stocktakes and reviewing records of debtors, creditors, and asset purchases. Keeping digital copies of records is crucial for backing up and streamlining the tax filing process.

2. Tax Deductions and Concessions

Businesses can claim deductions for expenses directly related to earning income, such as website setup, vehicle expenses, and machinery use. Additionally, tax concessions are available to support small businesses. Writing off any bad debts or assets before the financial year ends can also help in claiming tax deductions.

The ATO’s Small Business Concessions section offers valuable information on what can be claimed.

3. Tax Agent Verification

Ensuring your tax agent is registered with the Tax Practitioners Board (TPB) is essential for reliable tax advice and services.Verify the registration of your tax agent through the Tax Practitioners Board.

Company tax return information can be found on ATO’s Business page.

Making the Most of EOFY Sales

EOFY sales are not just an opportunity for consumers to snag deals, but also for businesses to purchase necessary equipment or stock at discounted prices. These purchases can often be written off as business expenses, contributing to tax deductions.

Power-Up Your EOFY with The Career Academy AU

The Career Academy AU offers a wide range of courses that are relevant for individuals looking to upskill and businesses aiming to enhance their staff’s capabilities. Here are some courses that could be particularly beneficial around EOFY:

Bookkeeping and Accounting: Understanding the fundamentals of accounting or enhancing your current skills can help with more accurate financial reporting and tax filing.
Xero and MYOB Training: Proficiency in these accounting software packages can streamline the process of financial record-keeping, payroll, and compliance reporting.
Business Administration: Courses in business administration can improve efficiency and management practices, leading to better financial performance and planning.

Conclusion

EOFY is a significant time for financial planning and management, both for individuals and businesses. By taking proactive steps to manage your taxes, claim deductions, and invest in professional development, you can optimize your financial outcome and position yourself for success in the new financial year. Courses from The Career Academy AU not only offer the opportunity to upskill but also align with EOFY tax planning strategies, providing benefits beyond just the immediate tax season.

Ready to make EOFY 2024 your year of financial savvy and skillful growth?

Dive into our courses here and discover how you can turn tax time into your time to shine.

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