End of Financial Year Planning – Businesses
For any business, the End of Financial Year can be a stressful time. Here at Rubiix, we want to make this time of year as stress free as possible and ensure that once the calendar ticks over to 1 July, you are ready to start the new Financial Year afresh.
Below are some handy hints on ways to reduce tax and reduce the headache before 30 June 2018:
- Pay all employees Super before 30 June 2018. Any super paid after 30 June will be claimed as a deduction in the next financial year
- If employees are to receive a bonus, ensure the amount is determined before 30 June
- If possible, delay invoicing customers until July
- Pay off any creditors outstanding
- Review debtors and ensure the amount due to you is still recoverable. If irrecoverable, ensure you have documentation that states this
- Prepay expenses such as insurance, advertising and other office expenses
- Purchase any capital items under $20,000 if necessary. If your turnover is under $10 million then they will be written off
Once the calendar has flipped over to 1 July 2018, the following actions need to be taken:
- Prepare PAYG Summaries for your staff. The statements need to be provided to staff before 14 July 2018
- Send a copy of your PAYG Summaries to the ATO by 14th August 2018
- Perform a stocktake at 30 June to ensure correct amount of stock
- Reconcile all bank accounts, loan accounts and credit cards
- Ensure all 30 June Statements are on hand
- Upload new pay tables into your payroll software
- If you have over 20 employees, ensure that Single Touch Payroll (STP) has been setup in your payroll system
- Ensure that all receipts are on hand for any capital purchases
- All transactions have been entered into your accounting software and the balances are up to date
- Put a budget in place for the 2019 year
If you would like to discuss your tax planning, budgeting or any other taxation financial matters please contact us on 03 9603 0066.
