LA Insurance

Prepare your business for the new financial year

For many local businesses, the start of the new financial year also marks the start of a new insurance cycle. If your policies are coming up for renewal, now’s the time to sit down and carefully review your arrangements. From paperwork organisation to maximising deductions, careful planning can help optimise your financial position and ensure compliance with regulatory requirements.

Here are some key tips to help you prepare your business for EOFY and set the stage for a successful new financial year.

Prepare your paperwork for the ATO
Organisation is key when it comes to your financial paperwork. Ensure that all your documents are in order and readily available for the ATO. This includes income statements, expense records, and any other relevant documentation. Having your paperwork well-organised will make the EOFY process smoother and help you avoid potential compliance issues.

Maximise your deductions
Take the time to identify all possible deductions for your business. This can include office supplies, equipment purchases, and even certain operational expenses. Maximising your deductions can significantly reduce your taxable income, providing you with more funds to reinvest in your business.

Check your superannuation
Ensure that all superannuation contributions for your employees are up to date. This not only helps in meeting your legal obligations but also promotes employee satisfaction and retention. Reviewing your superannuation arrangements can also help identify any opportunities for cost savings or improvements in your contributions strategy.

Plan in advance of the submission dates
Procrastination can lead to unnecessary stress and mistakes. Make a timeline of important submission dates and set reminders to ensure you meet all deadlines. This proactive approach can help you avoid last-minute rushes and potential penalties for late submissions.

Review your business insurance
As the new financial year begins, it’s crucial to review your insurance policies and ensure your business is adequately protected. Assess your current coverage to determine if it still meets your needs or if adjustments are necessary. Updating your insurance policies can safeguard your business against unforeseen risks and provide peace of mind.

We’re here to help
We can help you review your policies, explore your options, and achieve the best possible outcome for the year ahead. Together, we can ensure your business is well-prepared for any challenges and positioned for success.

Take the time now to review your arrangements and make the necessary adjustments. With careful planning and the right support, you can make the new financial year a prosperous one for your business.


LA Insurance Pty Ltd ABN 16 610 540 577. Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd, Australian Financial Services License 240549. Corporate Representative No. 1255587.
Any information provided herein is of a general nature only. No consideration has been taken into your objectives, needs or financial situation. Before acting on this information you should consider if it is appropriate for your situation.