Evergreen Accounting, a trusted advisor for businesses in the Northern Rivers region, today emphasized the risks local operators face if financial management and tax planning are left until the last minute. The firm highlighted that the diverse business mix in the region, including tourism, trades, retail, health and service sectors, often leads to financial complexity and vulnerability when cash flow and reporting are not prioritized throughout the year.
With many local businesses run by highly skilled owners who wear multiple hats, Evergreen Accounting is urging urgent action before the end of the financial year (EOFY). “That creates a real risk around tax, payroll, super and reporting because finance becomes something they deal with later, rather than something that supports decisions every week,” said Natasha Mackenzie, Managing Director, Evergreen.
Recent changes to the tax environment, such as higher non-deductible ATO interest charges on unpaid tax debts, make timely and robust financial oversight essential. “When the cost of carrying tax debt goes up, small businesses need better forecasting and better habits,” said Mackenzie, noting that old approaches are inadequate to meet the current reality. “It is no longer enough to hope the next busy period will fix the problem.”
Evergreen Accounting believes addressing EOFY should be more than a focus on deductions, encouraging business owners to take a holistic and ongoing approach. “EOFY should not be reduced to a conversation about deductions,” said Mackenzie. “It should be a review of how the business is being run, where pressure points are forming and whether management has the right numbers in front of them.”
Mackenzie underscored that Northern Rivers businesses, known for their resilience and entrepreneurial spirit, have an opportunity to shore up future success by acting early. “The right accountant should bring clarity,” Mackenzie said. “They should help business owners understand not just what they owe, but what is changing, what is coming and what actions need to happen now.”
Clients who take a proactive stance on their bookkeeping, payroll, GST obligations, BAS timing and tax debt exposure before 30 June will place themselves in a much stronger position. “Peace of mind in business usually starts with visibility,” Mackenzie added. “When you know your numbers, you make better decisions. When you don’t, the risks compound.”
Evergreen Accountings practical resources and guidance on strengthening financial systems, with the goal of helping operators plan with greater confidence in an increasingly complex regulatory environment.
If you’re ready for more proactive, personalised support to better manage your finances, connect with Evergreen Accounting & Advisory today.
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Disclaimer: All information in this article is general in nature and is not intended to be advice specific to your circumstances.
