Where has the year gone? It seems like we were dealing with Christmas only yesterday, and here it is, June already.
If you’re a small business owner (or any sized business owner, really), you’ll know that EOFY is looming and that you’ll need to start preparing for tax time.
With the list of things that need to be done ever-increasing, it’s more important than ever to be prepared and to understand your obligations.
Fortunately, we’ve got your back and have put together a checklist to help you tick off your end of financial tasks. They may not all apply to your business, but have a read through and make a note to add what needs to be done to your June ‘to-do’ list.
- Get figures up to date and reconciled, and review the accuracy of your Balance Sheet and P & L.
- See Accountant for tax planning.
- Pay Super before June 30. Give the clearing houses enough time to process the payment. If necessary, pay the bulk of the June quarter by June 14, then balance before June 30. This ensures full deduction made in this financial year.
- Check that employee details haven’t changed (e.g. addresses) for STP finalisation.
- Review awards for hourly wage changes with Fair Work.
- Review salaried staff for reasonable overtime versus salary to ensure fairness.
- Ensure STP is reported correctly to the ATO and correct payroll set up accordingly, ready for finalisation.
- Review Sub Contractors — do they meet sub contractors’ rules, or do you need to pay super on their behalf or change them to employees?
- Check ABN and GST registration of suppliers.
- Do a stocktake by/on June 30.
- Ensure superannuation is increased at July 1 and remove the $450 minimum for all. Special rues apply for juniors.
- Prepare for Workcover EOFY Reconciliation and Estimate.
- Prepare for TPAR if relevant.
- Prepare Payroll Tax lodgement if relevant.
- Create a Cashflow forecast for the coming year.
Of course, if you’re having trouble with any of the above or not sure if it applies to your business, a quick call to your bookkeeper will have you sorted in no time.
Get in contact with Being Accountable and discover why it should probably be at the top of the checklist. Jo and her team can help you get your business in shape for EOFY. Call Jo on (08) 0402 464 420.
