First Class Accounts - Wanneroo

EOFY Tip: Claim What You're Entitled To—Not Less, Not More 💡

One of the biggest tax mistakes we see isn't people over-claiming.

It's people **under-claiming.

Why?

Because they're worried about getting it wrong.

So they leave legitimate business expenses off their tax return and end up paying more tax than necessary.

Here's the reality:

If an expense is genuinely related to earning your business income and you have the appropriate records to support it, there's a good chance it may be claimable.

Yet every year, business owners miss out on deductions because they assume:
❌ "It's probably not worth claiming."
❌ "I'm not sure if I can claim it."
❌ "I don't want to get in trouble."

The result?

They're effectively leaving money on the table.

EOFY is a great time to review expenses such as:

✔️ Tools and equipment
✔️ Software subscriptions
✔️ Vehicle expenses
✔️ Phones and internet
✔️ Training and professional development
✔️ Home office expenses (where applicable)
✔️ Work-related travel and business costs

But here's the important part:

Tax deductions aren't about claiming everything possible.

They're about accurately claiming what you're legitimately entitled to.

Good tax planning isn't aggressive.
It's organised.

The businesses that get the best outcomes are usually the ones that keep good records throughout the year and understand what expenses support their operations.

Before June 30, take the time to review your expenses properly.

You may be surprised by what you've forgotten about over the past 12 months.

📩 If you're unsure what may be claimable for your business, reach out. We'd rather help you claim correctly than see you miss out altogether.

One of the most overlooked bookkeeping habits for a lot of small businesses?

Reviewing what’s overdue.
📬 Unpaid invoices
💳 Outstanding bills
📅 Missed follow-ups

Keeping an eye on these regularly helps avoid bigger cash flow issues later.

📩 message us if you would like some help.

If your evenings are spent catching up on bookkeeping, it might be time to change something.

You started a business to run the business. Not spend nights reconciling transactions.

📩 We can help take it off your plate.

EOFY Tip: Review Your Expenses—Don't Just Total Them 📊

As the end of financial year approaches, many business owners focus on one thing:

"How much did we spend?"

But a better question is:

"What did we spend it on?"

EOFY isn't just about preparing your tax return. It's one of the best opportunities you'll get all year to step back and assess the financial health of your business.

Take a close look at your expenses and ask yourself:

👉 Which costs are helping the business grow?
👉 Which subscriptions are no longer being used?
👉 Have supplier costs increased?
👉 Are there areas where spending has quietly crept up?
👉 Are there opportunities to improve efficiency?

Many businesses are surprised to discover they're paying for software they no longer use, memberships they've forgotten about, or services that no longer provide value.

Small expenses may not seem like much on their own, but over 12 months they can add up to thousands of dollars leaving the business unnecessarily.

EOFY is the perfect time to identify:

✔️ Cost-saving opportunities
✔️ Unnecessary spending
✔️ Potential tax deductions
✔️ Areas where profit can be improved

Remember, reducing expenses isn't always about spending less.

It's about spending smarter.

Because the businesses that understand where their money is going are often the ones that make the best decisions about where it should go next.

📩 Need help understanding your numbers before EOFY? We can help you gain clarity and start the new financial year with confidence.

Building a stronger business doesn’t always require massive changes.

More often than not, it comes down to getting the fundamentals right and doing them consistently.

💡 Separate your personal and business finances
💡 Stay on top of invoicing
💡 Monitor your cash flow regularly
💡 Track every business expense
💡 Set money aside for tax obligations

Simple? Yes.

But you'd be surprised how many business owners struggle with cash flow, unexpected tax bills, and financial stress because one or more of these areas have been overlooked.

The reality is that financial success isn't usually built through one big decision.

It's built through hundreds of small habits that give you greater visibility and control over your business.

When you know where your money is coming from, where it's going, and what's coming up around the corner, you can make better decisions with confidence.

You stop reacting and start planning.

You stop guessing and start knowing.

And that's often the difference between a business that constantly feels under pressure and one that's positioned for long-term growth.

Which of these five tips do you think has the biggest impact on a business? Let us know below 👇

We see this a lot!

Using accounting software does not automatically mean your books are accurate.And a lot of business owners make the mistake thinking that the software they use to help manage their numbers automatically gets everything right and accurate.

We regularly see:
⚙️ Incorrect GST settings
📂 Transactions left uncategorised
📊 Reports misunderstood

Software works best when it’s set up properly.

📩 If you’re not sure your setup is working for you, we can take a look.

EOFY Tip: Chase Outstanding Invoices Before June 30 💰

One of the easiest ways to improve your cashflow before the end of the financial year is to follow up on outstanding invoices.

Sounds simple, right?

Yet many business owners have thousands of dollars tied up in unpaid invoices while continuing to pay wages, suppliers, rent, fuel, subscriptions, and other business expenses out of their own pocket.

Here's the reality:

An unpaid invoice isn't income in your bank account.

It's simply money you're owed.

And while it's sitting unpaid, it can't help you:
✔️ Pay upcoming bills
✔️ Build a cash reserve
✔️ Cover your tax obligations
✔️ Invest back into your business
✔️ Reduce financial stress

This is especially important as EOFY approaches because cashflow and profit are not the same thing.

A business can look profitable on paper while still struggling to pay its bills if customers aren't paying on time.

Before June 30, take some time to:

📋 Review your accounts receivable
📧 Follow up overdue invoices
📞 Contact clients with outstanding balances
💳 Offer easy payment options where appropriate
📅 Tighten up your payment terms for future work

Many business owners avoid chasing invoices because they don't want to seem pushy.

But remember:

You completed the work.
You delivered the service.
You paid for the materials, labour, and overheads.

Getting paid isn't being pushy- it's part of running a healthy business.

EOFY isn't just about reducing tax.

It's also about strengthening your cash position so you can start the new financial year from a position of confidence rather than playing catch-up.

📩 Need help understanding your cashflow, outstanding debtors, or EOFY position? We're here to help.

Some business owners check their books every week.

Others only open their software when something is due.

Usually, the businesses that feel more smoother to run are the ones checking in regularly.

It's important to remember that small but frequent check-ins prevent big clean-ups later which save you a whole lot of time, energy and stress.

📩 If you need help building a better bookkeeping rhythm, message us.

The end of financial year is on 30 June.

If your books are up to date, this period feels a lot easier.
If they’re not, now is the time to look at:

📂 Missing receipts
💳 Unreconciled accounts
🧾 Expense categories
📊 Reports that don’t quite add up

We help small businesses get their books sorted before 30 June.

📩 Message us if you need help.

EOFY Tip: Don’t Be Afraid to Claim Legitimate Business Expenses 💡

One thing we see all the time at tax time?
Small business owners under-claiming out of fear.

They worry about “doing the wrong thing,” so they avoid claiming expenses they’re actually entitled to.

Here’s the simple rule:
If it’s genuinely used for your business, there’s a good chance it may be claimable.

That can include things like:
✔️ Tools & equipment
✔️ Software subscriptions
✔️ Work-related travel
✔️ Phones & internet
✔️ Vehicle expenses
✔️ Home office costs
✔️ Training & education related to your business

The problem is, too many business owners either:
👉 Forget to track these expenses properly
👉 Lose receipts and records
👉 Or avoid claiming altogether because they’re unsure

And over time, that can mean paying more tax than necessary.

That doesn’t mean “claim everything.”
It means understanding what’s legitimately connected to running your business and keeping proper records to support it.

EOFY is the perfect time to review your expenses properly and make sure you’re not leaving money on the table.

Because smart tax planning isn’t about being aggressive.
It’s about being organised, accurate, and informed.

📩 If you’re unsure what you can and can’t claim, we can help you get clarity before EOFY.