Australian businesses are ramping up activities as international borders re-open and COVID-19 restrictions ease. At the same time, businesses are under pressure to anticipate regulatory changes after the election while managing end of financial year (EOFY) processes.
Across many industries, reduced access to human resources due to ongoing impacts relating to the pandemic has placed additional pressure on businesses to complete their EOFY reporting.
This is especially challenging considering that, for the 2021-22 financial year, the Australian Taxation Office (ATO) is placing higher scrutiny on:
recordkeeping
work-related expenses
rental property income and deductions
capital gains from crypto assets, property, and shares
Depending on the effectiveness of systems already in place to monitor and collate important business data, the time taken to complete EOFY processes and ensure regulatory compliance may severely impact an organisation’s bottom line. However, there are key steps that businesses of any size can take to alleviate the EOFY process and maintain compliance, with minimal impact to operations.
Organisations that take a proactive and methodical approach to EOFY reporting are more likely to gain a competitive advantage over those that scramble to complete their EOFY process.
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