Is Your Business Ready for the New Financial Year?

The new financial year in Australia starts on July 1. This gives business owners in Adelaide and beyond a chance to start over, get back on track, and establish a stronger financial base. Getting ready for the new financial year can help you make better decisions and expand your business over time, whether you're a sole trader, a startup, or an established firm.

This article will show you the most important things you need to do to get your business ready for the next year, including making sure you pay your taxes, making a budget, reporting your finances, and making plans for the future.

1. Understand Key Dates and Obligations

The new financial year in Australia starts on July 1 and ends on June 30. With that comes a lot of tax dates, rules to follow, and reporting duties.

Here's a quick look at what you may expect:

• BAS (Business Activity Statement) filings are due every month or every three months.
• PAYG payments and withholding duties
• Superannuation Guarantee (SG) payments are payable every three months.
• The timing for filing income tax returns depends on your business structure and whether or not you utilise a tax agent.

The Q1 BAS for the new financial year (July to September) is due on October 28. If you have a registered tax agency, it is due on November 25.

If you work with an accountant like Ashmans Accounting, you can be confident that you will meet all of your deadlines and avoid late fees.

2. Review Last Year’s Performance

Before you move on, take some time to think about how your business did last year. A review at the end of the year lets you find out what worked, what didn't, and how you can do better.

Questions to think about:

• Did you reach your goals for sales and profits?
• Were costs in line with what you expected?
• How well did your financial flow work all year?
• Are there any unpaid debts or taxes?

Looking at your profit and loss statement, balance sheet, and cash flow report can help you find ways to grow and save costs in the next financial year.

3. Revise your business's budget and forecast.

It's important to have a clear, up-to-date budget before you start the new financial year in Australia.

A good budget should have

• Expected income (based on seasonal patterns or predictions of growth)
• Costs that are fixed and those that change
• Estimated tax and super duties
• Predicted cash flow
• Funds for emergencies or contingencies

Tip: Make sure your plans can adapt if the economy changes, inflation rises, or loan rates go up. This is especially important for small and medium-sized businesses in Australia.

A skilled accountant can help you make reasonable predictions and test your plans to be sure they will work.

4. Reassess Your Business Structure and Tax Strategy

Your original business form (like a sole trader, partnership, company, or trust) may no longer be the best for taxes or risk as your firm grows.

It's a perfect time to do the following things when a new financial year starts in Australia:

• Reassess your business structure to safeguard your assets or lower your taxes.
• Look into possible tax breaks or offsets for small enterprises.
• Look at how you set up your PAYG withholding.
• Check the superannuation responsibilities of employees and owners.

If you have the correct structure and plan, you may lower your taxes and make it easier to follow the rules.

5. Put your financial records and systems in order.

The start of a new financial year is the best time to get your records, cloud accounting systems, and data backups in order.

Here's a short list:

• Make sure all of your credit cards and bank accounts are in order.
• Please organise last year's receipts and financial statements.
• Create new folders or files for accounting for the years 2025–2026.
• Check or update your accounting software, like Xero, MYOB, or QuickBooks.
• Check the permissions for users and the internal controls.

Businesses must keep tax documents for at least five years, so it's crucial to have a safe, searchable digital storage system in place.

6. Make SMART goals and key performance indicators (KPIs).

Don't let the new year go by without making clear business goals. Set SMART goals: they should be specific, measurable, achievable, relevant, and have a deadline.

Some examples are

• Increasing sales by 20% in the first quarter
• Starting a new line of products in October.
• Keeping customers 15% longer
• Cutting costs by 10%

Then, turn these goals into Key Performance Indicators (KPIs) so you can keep an eye on your progress and make changes as needed throughout the year.

7. Get help from a professional Early

Don't wait until tax time to ask for help. Having a proactive accountant on your side at the start of the new financial year in Australia can make a big impact.

We support businesses in Adelaide with:

• Make and check budgets.
• Create systems for cash flow.
• Take care of tax planning tactics.
• Find your way through audits, compliance, and lodgements.
• Use cloud-based accounting software.

Our team is here to help you succeed all year long, whether you're just starting out or aiming to grow.

Final Thoughts: Make This Financial Year Your Strongest Yet

The start of the new financial year in Australia is a wonderful time to rethink your business plan, make your financial systems better, and find new ways to grow. You can prevent shocks and make better judgements all year long if you get ready early and work with the appropriate people.

Are you ready to make 2025–2026 your best year yet?

For specialised help that fits your business goals, get in touch with Ashmans Accounting in Adelaide.