The beginning of a new financial year is more than just flipping a page on the calendar — it’s an opportunity to reset, refocus, and lay the groundwork for a successful year ahead. For Australian small businesses, July 1 marks a fresh start to improve systems, strengthen compliance, and set financial goals.
Here are 7 best practices to help your small business thrive in the new financial year:
1. Review Last Year’s Performance
Start by analysing how your business performed last year:
- What were your top income sources?
- Which expenses could be reduced?
- Did you meet your financial goals?
Use this insight to make informed decisions for the year ahead.
Tip: Pull a profit & loss statement, cash flow report, and balance sheet to guide your review.
2. Set Clear Financial Goals
Without clear goals, it’s hard to measure progress. Set realistic, trackable objectives for:
- Revenue growth
- Profit margins
- Expense control
- Cash flow targets
Break annual goals down into monthly or quarterly benchmarks for better tracking.
3. Refresh Your Budget
Update your business budget to reflect current market conditions, cost changes, and growth plans. Factor in:
- Wage increases or new hires
- Rising operating costs
- Equipment or marketing investments
Having a well-structured budget helps avoid surprises and supports better decision-making.
4. Stay on Top of Compliance
Make sure you’re up to date with all ATO obligations:
- Lodge BAS and PAYG on time
- Meet superannuation deadlines
- Keep accurate records for income, expenses, and GST
Tip: If you employ staff, check for any changes to minimum wages or award conditions from 1 July.
5. Reassess Your Business Structure
As your business evolves, your structure should too. Consider whether your current setup (sole trader, company, trust, etc.) is still the most tax-effective and appropriate for your needs.
Consult your accountant or tax agent to evaluate the pros and cons of switching structures.
6. Automate Where You Can
The new financial year is a great time to invest in tools that save time:
- Cloud accounting software (like Xero or MYOB)
- Payroll and super automation
- Receipt and expense tracking apps
Automation reduces errors and frees you up to focus on growth.
7. Schedule Regular Check-Ins
Don’t wait until next June to assess your financial position. Book quarterly or biannual reviews with your accountant or bookkeeper to stay on track, adjust plans, and manage tax obligations proactively.
Start the Year with Confidence
At Tax Visory, we help small businesses set up for success with tax planning, bookkeeping, and advisory services tailored to your goals.
📞 Book your New Financial Year Business Review today and take control of your future.
