EOFY in a pandemic: Seven things every SME must do by June 30
Source: Pexels/Ketut Subiyanto.
With just over a month to go until the end of this financial year, many companies have experienced changed business conditions like no other time in recent history.
For many, their end-of-year figures may include government pandemic or disaster recovery grants, JobKeeper payments, and a possible period of insolvent trading when directors were covered by the temporary safe harbour relief (which meant directors were immune from prosecution or insolvency action due to the pandemic). These businesses may grapple with how to treat these payments when it comes to tax time.
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