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.

Article Submitted By:

Eliza Smith

Client Manager 


03 9603 0029



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