Ah, its that time of year again. We get it you have probably not thought about preparing for End of Financial Year, which means it will be the same as last year. A massive crunch week with 80 hour working weeks, 5 coffees a day and a lot of stress!
With only a few weeks until we welcome a new financial year, we have put together a checklist to get you on track to pile together for your accountant.
|5ivestar Business Services – EOFY Checklist|
|Reconcile all accounts to June 30 including all your business bank accounts, petty cash and any electronic clearing accounts in your software.
Complete a stock take of inventory and perform a stock valuation
Evaluate and review your Creditors and Debtors. Make sure any bad debts are written off.
Make sure you account for all tax invoices, receipts and bank statements
Reconcile payroll, superannuation and GST Accounts
Prepare, and lodge employee payment summaries – Make sure you provide this to Employees by July 14th
Prepare and lodge BAS and PAYG by 28th of July
Pay Superannuation guarantee amount by July 28th
Don’t forget that being a small business you have certain tasks to complete by law around this time of year.
- Filing an income tax return. You’ll need to provide a range of financial information for your accountant to review, as well as highlight any large or unique transactions. The information you accountant will need includes a profit and loss statement for the financial year, a bank reconciliation report, balance sheet and trial balance, general ledger report and more.
- Business Activity Statement (BAS). The end of June will require you to complete your quarterly or annual BAS. If you need help with this, an accountant or bookkeeper can provide assistance.
- Australian Securities and Investment Commission annual report. This is a requirement for companies only, as is filling out a solvency declaration.
- PAYG withholding payment summary annual report. You’ll need to reconcile your payroll and provide payment summaries to your employees by the due date in July. Before you provide PAYG summaries to help your employees lodge their tax returns, reconcile the totals to your business accounts first.
- Payroll tax. Consider whether you may be over the threshold for payroll tax. Speak to your accountant to find out more.
- Workers’ compensation insurance. Now is the time to get all of your business’ insurance requirements in order and review the policies you have in place. Take the time to work out your company’s projected wages and salaries for the financial year ahead. If there are any problematic exclusions in your workers’ compensation cover, see if you are protected against these risks in any other way.
- Superannuation payments. These need to be taken care of monthly, and this is no different just because it’s the end of a financial year.
- Fringe benefits tax return. Some businesses will need to lodge this return. However, even if you’re not lodging a fringe benefits tax return, make sure that no relevant transactions have been overlooked and that all necessary employee contributions are made.
- Staff salaries and awards conditions. Review the salaries of all your staff members and ensure that they are in line with the relevant awards and any other statutory requirements.
- Government grants. If your business receives any government grants, take the necessary steps to ensure you are still meeting any required guidelines to receive those grants.
As the calendar flips to welcome a new financial year following these steps will have a stress free.
Begin planning for next year for your business.
|5ivestar Business Services – Planning for next year|
|Review and Update your business plan or strategy
Prepare a budget for the next 12 months
Reviewing any financing, leases or loan arrangements
5ivestar Business Services are tax agents located in Carina Heights on Brisbane’s Southside. We service all areas of Brisbane, Ipswich and the Sunshine Coast for tax, BAS and bookkeeping. We also practice as virtual CFOs, take on interim CFO engagements as well and financial management, reengineering and restructures including business turnarounds and transformations and expert financial modelling.
Let’s chat about your business today https://5ivestar.com.au/contact-us
P: 07 3084 3692