A Year in Business: Your Step-by-Step Financial Action Plan
Here at Accounting Heart, we want our clients to work smarter, not harder. With the cost of living continuing to climb, the new financial year is the perfect time to take charge of your finances and plan ahead. Whether it’s lodging your tax return early, using helpful resources to organise your year, or exploring how business advisory services could elevate your business, this step-by-step plan is designed to help you move forward with confidence.
Don’t Delay Your Tax Lodgement
If you're a client of a registered tax agent like Accounting Heart, you typically have more time to lodge your return beyond the standard 31 October deadline. While this extended window offers flexibility, it’s still wise to get your paperwork in early.
Leaving it too late can create unnecessary stress and may impact your business’s cash flow or forward planning. By sending your information sooner, we’ll have more time to resolve any issues and explore potential tax planning opportunities. And if you’re due a refund, lodging early means you’ll receive it sooner.
This guide is divided into practical sections to help you manage your financial year with ease. We’ll show you how forward planning can ease financial pressure, reduce last-minute scrambling, and give your business the best chance to operate proactively and grow.
Phase 1: Laying the Foundations - Planning and Compliance (July – October)
Collate your tax information ready for your accountant to prepare your returns. To keep everything on track and avoid the year-end rush, we recommend providing your key business information to us between July and October, especially as productivity can dip during the summer holiday period.
If you do receive a refund, this puts money back into your hands and into your business. This is beneficial in boosting your cash flow and helping you focus on your business goals for the year ahead.
If you were left with a bill rather than a refund, don’t panic. Preparing your business’s tax return early doesn’t mean you have to lodge it. Most businesses have until May 2026 to pay and lodge, giving you up to 10 months to budget and plan. We can help you map out a manageable payment plan.
Ensure your record-keeping is up to scratch. Maintaining efficient processes throughout the year means you stay up to date at all times. For example, are your logbooks up to date? Make sure you are attaching your receipts to Xero before your Business Activity Statements are due. Keeping those up to date ensures your BAS bill is as low as possible. Remember, no tax invoice, no GST claim or tax deduction. We recommend using Hubdoc, which is included in your Xero subscription, to do this.
Check out the Accounting Heart website for useful tools like our ‘Important Dates Calendar’ and never miss a financial deadline again.
Phase 2: Strategy, Reflection, Budgeting, SMSF and Investment Trusts (November – February)
As business activity slows over the summer and school holiday months, this is an ideal time to pause and review your business with our support.
Book your business health check. We’ll help you reflect on your progress, identify areas for improvement, set new goals for growth, review your budget and ensure your business strategy is on track.
Complete your SMSF or investment trust returns. We will coordinate with your financial adviser to collect all necessary information and ensure your compliance requirements are met.
Use your summer downtime to think creatively about your business. Write down any ideas so that you can action them when you return to work or bring your questions to your next meeting with us.
By staying connected during this period, you can make the most of these important months and position your business for ongoing success.
Phase 3: Business Strategy, Tax Planning, Budgeting, and Preparing for the New Financial Year (March -June)
March to June is the time to get your tax, budgeting, and cash flow planning ready for the new financial year.
It’s time to plan your taxes! Schedule a meeting with your accountant (that’s us!) to discuss the year so far and any questions or concerns you may have. Reaching out to the friendly team at Accounting Heart to discuss tax optimisation strategies is the perfect way to make the most of your current year tax position.
Look ahead to the year to come. This is the perfect opportunity to focus on your business goals and strategy for the next year. Consider whether your business structure is still the best fit. Think about areas such as staffing, cybersecurity, growth plans and maintaining a healthy work-life balance. Taking proactive steps now can help make the next 12 months more secure and sustainable. Accounting Heart’s business advisory services will help you grow your business in line with your goals.
Update your budget and financial forecasts. We will work with you to update your financial projections and run scenario planning to prepare for different possibilities. If your goals or circumstances have changed, we will help you adjust your plans to stay on track.
Review cash flow and risk management. Together, we will review your cash flow projections, identify any seasonal fluctuations or upcoming expenses, and discuss strategies for managing risks and unexpected challenges.
Finalise outstanding tax returns. If you have not yet lodged your previous year’s tax return, you have until May to do so. Take a moment to consider how lodging late may have affected your business. Did it create unnecessary stress or disrupt your workflow? We can help you avoid last-minute pressure and streamline the process going forward.
Maximise your deductions. Are you aware of what you’re eligible to deduct on your tax return? This helpful guide on the Accounting Heart website will take you through your deductions to maximise your return, or contact us for advice tailored to your business.
Plan for early lodgement. As 1 July approaches, be ready to lodge your tax return for the new financial year. Lodging early is a simple step that can make a significant difference, especially if you are expecting a refund. The sooner you lodge, the sooner you can access those funds and plan your next steps!
Let’s Make This Year Your Best Yet
Let’s get a head start on the new financial year - whether it’s a refund in your account, a bill to plan for, or checking in to see how your business can level up, Accounting Heart is here to help create efficient processes to make your financial year smooth. We love to champion financial confidence and help your business reach its full potential. Get in touch today to learn more!