End of Financial Year Checklist For Small Business

The end of the financial year can be a busy and stressful time for small business owners.
We have compiled a checklist to help make sure your finances are in order for your accountant in time for 30 June.

1. Reconcile all accounts to 30 June – this includes all your business bank accounts, but also petty cash and any electronic clearing accounts you may have in your accounting software.
2. Perform a stock-take and complete a stock valuation
3. Review your Aged Creditors and Aged Debtors – write off any bad debts
4. Check any amounts in suspense accounts
5. Make sure you have all your receipts
6. Reconcile GST accounts
7. Reconcile payroll and superannuation accounts (check out our Payroll reconciliation guide)
8. Update your asset register if you have purchased new assets
9. Prepare Employee payment summaries (after the last pay is processed, give to employees by 14 July)
10. Prepare and lodge BAS by 28 July
11. Pay superannuation guarantee amounts by 28 July
12. PAYG payment summary needs to be sent to the ATO by 14 August
13. Lodge Taxable payments annual report by 28 August (if applicable)

• Pre-purchase insurance, memberships or subscriptions for an immediate deduction
• Contribute to your super fund & pay staff superannuation
• Purchase office items
• Consider purchasing assets worth less than $20k for immediate deduction.

It is always best to discuss major purchases with your accountant to ensure you can claim the best possible tax deduction.

When you have finished with this list, it is time to prepare your business for the year ahead.

• Dust off your business plan and update it.
• Prepare a budget for the next 12 months
• Review financing or loan arrangements
• Review business insurances and upgrade coverage if necessary
• If you are using a spreadsheet, consider moving to cloud based accounting software.

Shellys Bookkeeping is available to assist you with any of these processes. Please Contact us if you have any queries.