The Final Countdown: Two Quick Wins Before 31 March

It is hard to believe, but the end of the financial year (EOFY) is just days away. While the lead-up to 31 March can feel like a sprint, taking a few moments now to tidy up your records can lead to significant tax savings and a much lighter administrative load come April.

To ensure we get the best result for your business, we recommend focusing on these two high-impact areas right now:

1. Review Your Asset Register

Your depreciation schedule should always reflect the current reality of your business. If your operations have changed, your books might still be carrying “ghost assets” that are no longer in your possession.

  • The Task: Review your physical inventory, workshop, or office. Have you sold, traded in, or scrapped any equipment, vehicles, or technology lately?
  • The Benefit: If an asset is no longer in use or has been disposed of, let us know so we can update your schedule. This ensures you are not paying tax on value that no longer exists and allows us to claim any remaining book value as a loss.

2. Address Bad Debts

Take a close look at your aged receivables. If you have invoices you know with certainty will never be paid, it is time to take action.

  • The Task: Identify any irrecoverable invoices and physically write them off in your accounting system (such as Xero or MYOB).
  • The Critical Deadline: To claim a tax deduction for a bad debt in this financial year, the write-off must be processed in your system before 31 March.
  • The GST Advantage: Writing off a bad debt in your system generally allows you to claim back the GST portion of the unpaid invoice in your next return.

Note: Sorting these items now ensures a much smoother tax season. It prevents the need to reconstruct data from months prior and ensures your financial statements are accurate starting 1 April.

Professional Support

If you are unsure how to process a write-off in your software or want to confirm if an asset qualifies for a scrap-value deduction, please reach out as soon as possible.

Contact the team at DFK OGC today, and let’s ensure your business finishes the financial year in the best possible position.

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What our clients say

We have found DFK OGC’s approach to everything from services provided to how they build relationships one that had worked well for them. We’ve found them to be down to earth, obviously knowledgeable about what they do and approachable as well. They always welcome the phone.

Any time I need them – any of the partners – they’re there to pick up the phone.
And they provide that service after hours as well, which is just great.

Dipak Bagia – CEO Petrochem Group

Very efficient and has a personal touch. If you have questions, they respond in a timely manner and even visits you to explain things face to face.

Marlo Camacho

It’s not so big that you feel like just another number, but it’s also big enough that they can cover everything I need.  I feel comfortable with the fact that as my business grows, DFK OGC will be able to handle the demands that come with it.

Lee Chang Woo

DFK have supported us for many years and the service has been great across various partners.

MAHA Australia & New Zealand

Extremely professional and astute business advisors. Our businesses has benefitted and elevated to new horizons with DFK OGC by our side. Even when going gets challenging, they are open to seek subject matter experts. Anit Patel and his entire team are great highly recommended.

Sanjai Bagia

My Company has been utilising the services of DFKOGC for many years and this itself speaks volumes for the excellent professional services rendered by them. I have been interacting with the DFKOGC team for the past 2 months and I have found them to extremely responsive, very professional and always willing to go the extra mile to service us.

Mary Abraham