A new financial year is the perfect time for small businesses to reset, review their records and make sure they are starting the year on the right foot.
The ATO has released its 2026 Tax Time toolkit for small business, with a focus on helping business owners prepare, lodge and stay on track throughout the year. While tax time is often seen as something to deal with after 30 June, the best outcomes usually come from being organised early.
For many business owners, July is a good opportunity to look at what worked well over the past 12 months, what needs to be tidied up and what can be improved before the year gets busy again.
A few key areas worth reviewing now include:
- Making sure your bookkeeping is up to date
- Keeping clear records of business income and expenses
- Separating business and personal expenses
- Reviewing deductions before assuming they can be claimed
- Checking payroll, super and employer obligations
- Speaking to your accountant before making major business or asset decisions
The ATO continues to highlight the importance of reporting all income, keeping accurate records and meeting tax and employer obligations. For small businesses, this means it is more important than ever to have reliable systems in place and to seek advice before issues build up.
Good record keeping also makes it easier to understand how your business is performing. Accurate numbers can help with cash flow planning, tax planning, finance applications, staffing decisions and future growth.
July is also a good time to look ahead. Rather than waiting until the end of the financial year, business owners can use this time to review cash flow, tax planning, business structure, record keeping and upcoming obligations.
If you are unsure whether your records are where they need to be, or you would like help planning for the year ahead, speak with the team at DGL Accountants.