What to Review in the First Half of the Year
The start of a new year is the perfect time to reset, review and make sure your business is set up properly for the months ahead. With EOFY only months away, a little planning now can save time, stress and money later.
Below is a practical checklist to help you stay on track in the first half of 2026.
1. Check Your BAS and GST Position
Ensure BAS lodgements are up to date, GST coding is accurate, and cash flow can support upcoming GST payments. If GST is consistently tight, it may be time to review pricing, payment terms or instalment options.
2. Review Your Cash Flow
Profit on paper doesn’t always mean cash in the bank. Review debtor days, expense trends, and whether you have enough buffer for quieter periods. A simple 3–6 month cash flow forecast can make a big difference.
3. Superannuation Obligations
Confirm super is up to date and you paid January on time and in full. Make sure employee details are accurate. Late super can trigger penalties, so staying ahead is critical.
4. Payroll and Compliance Review
Review wage rates and award classifications, check leave balances and accruals, and ensure payroll reporting is accurate. Staff changes or role changes should also be reviewed.
5. Asset and Equipment Planning
If you’re considering asset or vehicle purchases later in the year, now is the time to plan. Understanding tax timing and depreciation early helps avoid rushed EOFY decisions.
6. Tax Planning
Tax planning should not be left until June. Review expected profit, tax instalments, and whether any adjustments or restructuring should be considered.
7. Align Personal and Business Finances
Review drawings or director loans, loan structures and repayments, and ensure personal tax obligations are aligned with business performance.
The first half of the year is about setting strong foundations. A short review now can prevent issues as EOFY approaches.