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.
End of financial year checklist:
- 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.
- Perform a stock-take and complete a stock valuation
- Review your Aged Creditors and Aged Debtors – write off any bad debts
- Check any amounts in suspense accounts
- Make sure you have all your receipts
- Reconcile GST accounts
- Reconcile payroll and superannuation accounts (check out our Payroll reconciliation guide)
- Update your asset register if you have purchased new assets
- Prepare Employee payment summaries (after the last pay is processed, give to employees by 14 July)
- Prepare and lodge BAS by 28 July
- Pay superannuation guarantee amounts by 28 July
- PAYG payment summary needs to be sent to the ATO by 14 August
- Lodge Taxable payments annual report by 28 August (if applicable)
End Of Financial Year Package
Shellys Bookkeeping has designed a special package to perform your EOFY checks for you.
Check our End of Financial Year offer to see how you can save time and money
Other Things to Consider :
Ways To Reduce Your Tax Liability Before June 30
- 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.
Begin Planning For Next Year
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.
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