July Business Priorities: Setting Your Business Up for a Strong Start this Financial Year

The new financial year is the perfect opportunity to reset and review your business performance and make sure you're meeting your upcoming compliance obligations.

Here are the key priorities business owners should be focusing on this July.

Review your year-end results

Now that 30 June has passed, take some time to review how your business performed over the last financial year. Compare your results to your budget, identify what worked well and consider where improvements can be made.

This information will help you make informed decisions and set realistic goals for the year ahead.

Prepare for upcoming lodgement deadlines

July is one of the busiest compliance months for businesses. Depending on your circumstances, you may need to prepare for:

•        Quarterly BAS lodgements
•        Annual payroll tax returns (where applicable)
•        Taxable Payments Annual Reports (TPARs) for businesses that engage contractors in certain industries

If you're unsure which obligations apply to your business, speak with your accountant early to avoid last-minute stress.

Check your payroll systems

Payday Super is now in effect, meaning superannuation contributions need to be paid at the same time as employees are paid. If you haven't already, now is the time to:

• Review employee details and super fund information.
• Check your payroll software is configured correctly.
• Confirm your super payment process is working as expected.

Getting this right early can help avoid penalties and ensure your employees' super is paid on time.

Review your cash flow

The beginning of a new financial year is an ideal time to revisit your cash flow forecast.

Consider upcoming tax obligations, insurance renewals, wages and any planned business investments so you can avoid unexpected cash flow pressures later in the year.

Set goals for the new financial year

Rather than simply carrying on as usual, use July to establish clear goals for the next 12 months.

Whether you're planning to grow your team, invest in new equipment, improve profitability or streamline your systems, having a plan in place gives your business direction and measurable targets.

We're here to help

The start of a new financial year is one of the best times to ensure your business is on the right track.

If you have questions about your tax obligations, payroll, cash flow or business planning, speak with your Sentrika accountant. We're here to help you make the most of the year ahead.

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*This article is general in nature and does not take into account your personal circumstances. Tax laws are subject to change, and we recommend seeking professional advice tailored to your situation before acting on any of the above.