Tax Season Hangover? How to Recover and Plan for Next Year
- Marketing Manager
- Sep 6
- 3 min read
The financial year is officially over, your tax return is lodged, and that last-minute rush is finally behind you. If you’re feeling a little drained from the process, you’re not alone. The end of the financial year (EOFY) can be a sprint, but the real work of financial health is a marathon.
Now is the perfect time to recover from that "tax season hangover" and set yourself up for a smoother, more organised year. Think of it as a financial reset.
Here’s a simple, practical guide for Aussie small businesses to get back on track and plan for the year ahead.
1. The Post-Lodgment Financial Cleanse
You’ve handed over all your documents to your accountant, but your work isn't quite done. Take a little time to tie up loose ends.
Review your tax return: Once you receive your final return, take a moment to look at the numbers with your accountant. Understand what was claimed, what deductions you were able to get, and where your money went. This isn't just about filing; it's about learning.
Organise and file everything: Don't let your EOFY paperwork sit in a messy pile. Create a digital or physical folder for the past financial year. By having a tidy system, you'll be able to quickly access any records you need for a future audit or just for your own reference.
2. The Power of Automation: Embrace Cloud Software
If you're still managing your books with spreadsheets or paper receipts, a good way to avoid the stress of next year is to leverage technology. Cloud-based accounting software is a game-changer for Australian SMEs.
Connect your bank accounts: Almost all cloud accounting platforms can link directly to your business bank accounts. This automates the process of entering transactions, saving you countless hours.
Automate invoicing and payroll: Software can send out professional invoices automatically and even chase up late payments for you. For payroll, these systems are built to handle Single Touch Payroll (STP), ensuring you're compliant with the Australian Taxation Office (ATO) with every pay run.
Go paperless with receipts: Use a phone app to snap a photo of a receipt, and the software will store it securely in the cloud, linking it to the transaction. No more lost or faded receipts!
3. Proactive Planning for Next Year
The best way to cure a "hangover" is to prevent it in the first place. Use your current financial snapshot to plan for the future.
Set up a simple budget: Based on the past year, create a simple budget for the coming months. This helps you track your spending and see if you're on target to hit your profit goals.
Plan your super and GST payments: Since ATO interest charges are no longer tax-deductible from 1 July 2025, paying your superannuation and BAS on time is more important than ever. Set up reminders or automatic payments in your bank account to avoid costly penalties.
Schedule regular financial check-ins: Don't wait for the end of the year. Commit to a monthly or quarterly financial review. Looking at your profit and loss statements and cash flow regularly will help you spot issues early and feel in control of your business.
By taking these steps, you can turn your "tax season hangover" into a moment of clarity and preparation. A little effort now will save you a lot of stress next June.
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