End of Financial Year

I know it’s hard to believe, but there is one more month until End of Financial Year. Are you ready? Here is a checklist of things to be thinking about in this last month:

 

1. Tax Planning – have you spoken to your accountant to ensure you are prepared to claim whatever is possible? Did you know you have to have physically paid your staff’s super in order for it to be a deductible cost?

 

2. Payment Summaries (the old Group Certificates) – for employers with more than 20 staff this is the last year you will have to do these, as from 1st July the ATO will access payroll records directly from your payroll software (see below). There are certain checks and reconciliations that need to be done before the July 14th deadline for Payment Summaries to be issued to employees. Are these done? Do you need help?

 

3. End of Year Stocktake – have you scheduled this in? It needs to be done as close to June 30 as possible.

 

4. Accounts Receivable – have you reviewed this recently? Are there any bad debts to be written off, or to be sent to a debt collector?

 

5. Accounts Payable – have you reviewed this recently? Are all debts true or have you already paid some?

 

6. Review of entire year’s bookkeeping – please reach out if you’d like to send your accountant a squeaky clean data file to save them time (and you, money).

 

7. Single Touch Payroll – if you have over 20 employees you need to be ready for this by July 1st. Is your software up to date and is it ready?

 

8. Record Keeping – do you have all relevant paperwork to hand? Do you know what paperwork is relevant for year end?

 

If you are unsure of any of the areas mentioned above, please give me a call.

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