It's crucial to ensure you have enough funds to cover any additional GST and other taxes due after June 30. This helps avoid unexpected financial strain and penalties.

Get familiar with any tax benefits your business might be eligible for. For example, the Instant Asset Write-Off threshold has been temporarily increased until 30 June 2024, allowing eligible businesses to immediately deduct the full cost of selected assets worth less than $20,000 if they are used or installed by that date.

To improve your tax position, consider pre-paying some of the next financial year’s expenses within the current financial year. This strategy can provide additional deductions and improve cash flow in the following year.

Collecting unpaid invoices from customers before the EOFY can bolster your cash flow and improve your financial position as you head into the new financial year.

Making good use of your suppliers’ payment terms by delaying payments until they are due can help manage your cash flow more effectively.

Turning slow-moving or obsolete stock into cash, through an EOFY sale, not only clears out inventory but also injects much-needed cash into your business.

Keeping a close eye on your debt levels and expenses, reducing unnecessary costs and managing debt can significantly improve your cash flow.

The EOFY is an ideal time to draw up a cash flow forecast for the next 12 months. Identifying potential cash flow challenges and planning accordingly can help cushion or even avoid financial setbacks.