WHAT EOFY MEANS FOR YOU

EOFY is just around the corner! We are just about to enter the last month of this financial year. For many of us, it’s a time to indulge in season sales, whilst for others it’s a time to complete your taxes.

Photo by Iceberg Media

EOFY For Consumers

As a consumer, EOFY can be a great period. Why? It’s when all your favourite stores markdown products, offering huge discounts for old season’s stock before the start of a new financial year. So, if you’ve been eyeing off those pair of jeans or puffer jacket, nows the perfect time to score some big ticket items without breaking the bank.

EOFY for Business Owners

EOFY is also an important time for small business owners. This is when businesses start grabbing out their annual reports and financial statements. You will need to complete your bookkeeping and tax returns. It’s also an opportunity to reflect on your previous results and plan for the new financial year.

Whether you have an accountant or do the bookkeeping yourself, it’s important to understand how much tax return you’re eligible for and process it correctly.

Don’t forget, your tax returns are due by 31st October 2020. So, if you’re looking forward to getting your tax return, be sure to put in through before the deadline.