End of Financial Year is Here!Rebecca Bendikov
The end of financial year is here, so it’s time for small business owners to get on top of all their reporting requirements to ensure they are not selected for a tax audit. There are things you must provide the ATO with and information you need to pass on to your accountant. So where do you begin? Here is a list of some things you need to consider in the lead up to the new financial year.
Make sure you have good business records
You must make sure that your accounting records are compliant with the ATO. Keeping your accounting software up to date makes this easy for you as all requirements will be built into the program. You must also keep your records for at least five years. Back up your files to somewhere other than your computer hard drive.
Prepare your employee PAYG summaries
Your PAYG summaries must be given to employees by 14 July.
Complete a stock take
If you track inventory, you should perform a stocktake by 30 June when all transactions affecting inventory for the financial year have been entered.
Process your super guarantee payments
These must be processed before June 30 to qualify for a tax deduction in the 2016-17 year
Complete a bank reconciliation
Make sure your records match your bank records by completing your reconciliation as at 30 June.
Download our stress-free EOFY guide for more information on the reports you will need to provide to your accountant.
Cashflow Manager will make it as easy as possible for you to comply with ATO requirements for 1 July 2017. Clients who are current CARE members have access to their free copy of Version 10.5 now. If you are a current Cashflow Manager client and not a CARE member, call 1300 88 78 68 for special client ‘refresh’ prices.
In accordance with the Tax Agent Services Act 2009 (TASA) Cashflow Manager is not a registered entity and cannot provide taxation advice. You should consult with your accountant or other registered tax adviser for any queries relating to taxation matters.