GETTING YOUR BUSINESS READY FOR END OF FINANCIAL YEAR
Get ready for the end of financial year. This handy checklist will help you be ready for the end of financial year.
- Make an appointment now to see your accountant to do a year end tax review. Check what needs to be done before the end of financial year, including the purchase of capital items, deferring income and realising expenses.
- Check the details of your asset register. Make sure you have all assets listed and the details are up-to-date.
- Get you accounts up-to-date for the end of year checks. Make sure you have all expenses included. Do a full year review of the accounts, including a GST reconciliation. Clean up your Accounts Payable and Receivable, write off any bad debts.
- The end of financial year is a great time to review your business performance and set goals for the next financial year. Assess how your business did over the last financial year and do some forward planning to make sure you get the results you want this year. Put in place budgets for the coming year to keep your business on track.
- Get information up-to-date to meet compliance requirements for the tax office, including payroll, super, Taxable Payments Annual Report, BAS and Tax. The ATO key dates calendar will help with the due date for activities, but don’t forget there are concessions if you lodge with a BAS or Tax Agent.
Long Service Leave
- Check that you have your LSL leave up-to-date. If you haven’t submitted this year or you haven’t registered, make sure you get this done before the end of the financial year.
Payroll & Employee
- Run payroll checks and ensure that you have all information update and correct for payment summaries. Check that the tax rates for Working Holiday Visa Holders are correct. Make sure all Tax Declarations have been lodged. Check you have all employee details. Confirm that subcontractors and employees are classified correctly.
- This is also a good time of year to review your expenses, insurances, cashflow and collections. Identify expenses that are no longer valid in your business. Make sure insurance coverage is current and your coverage is adequate. Look at ways to improve cashflow so that this is not an impediment to the business achieving its goals in the coming year. Look at collecting outstanding money to get the new financial year off to a great start.
- If you manage inventory, prepare your stocktake and ensure all transactions have been recorded.
- Super Guarantee payments need to be processed before 30 June to qualify for a tax deduction in 2017-18 financial year.
- If you have been thinking about setting up new processes and systems for your business, implementing them now so that they can take effect for 1 July 2018.