End of Financial Year is Here!

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.    

Comments (10)

  • Chris Lai Tel: 0889452400 Reply

    Re The new 2017 PAYG Payment Summary produced by Wages Manager
    The employer is registered for Working Holiday Makers (WHM) who worked after 1st January 2017. Why is the PAYG Payment Summary produced by Wages Manager does not have the box to indicate the Code H? Without the Code H, the tax agent preparing the tax return will not be able insert the code H in the tax return to enable the 15% tax to apply to that portion of the income of the WHM.

    06/07/2017 at 1:50PM
    • Rebecca Bendikov Reply

      Hi Chris,
      The requirement for the Code H is a late change.
      Please see quote from ATO below:
      ‘For payments to a working holiday maker, you need to indicate ‘H’ on the payment summary in the ‘gross payment type’ box. If your payment summary doesn’t have this box, then just put the letter ‘H’ next to the income earned by the working holiday maker. This is to help your worker to prepare their income tax return.’
      Hope this helps.
      Kind Regards,
      Rebecca

      07/07/2017 at 9:02AM
  • sarajason Reply

    Nice blog.

    14/07/2017 at 4:54PM
  • kan Reply

    hi im using wages manager. i try to print payment summary but i doesnt print out in one pages
    how can i fix this

    14/07/2017 at 10:18PM
    • Rebecca Bendikov Reply

      Hi Kan,
      It all has to do with your printer settings our program is trying to print to. If you open up your printer’s “Printing Preferences” you will find that your printer has the “Paper Size” selected as Letter, which is a USA standard size, which is a slightly smaller paper size. Australia and many other countries use the paper size “A4”. Change this within your printer settings. Click [Apply] and [OK] for the new settings. Go back into Wages Manager and when you print the PAYG Payment Summary it will all print onto one A4 page.

      If you require further assistance, please do not hesitate to contact our CARE Support Team on 1300 135 021.

      Hope this helps,
      Rebecca

      17/07/2017 at 4:45PM
  • Peter Ruthven Reply

    Is it possible for Cashflow Manager to print out a 12 month Bank Reconciliation Report ?
    By default it only prints a one month report.
    Centrelink has this as a requirement in Mod F for partnerships when reporting their income.
    It would be most helpful it it were possible.

    31/08/2017 at 9:39PM
    • ANNETTE ROBINSON Reply

      Hi Peter, I tried this, on Bank Reconciliation Reports click on custom and put in from June 2017 and underneath that click year to date box and it seems to give you a report from 1st July 2016 to 30th June 2017. Does that work for you?

      09/12/2017 at 3:03PM
  • Kevin Reply

    Yes, end of financial year is coming!

    22/11/2017 at 2:38PM
  • Sue Norvill Reply

    How do I print a wages history statement , my computer says that it isn’t in the current financial year I have tried clicking on previous financial year but it says the same thing.

    Thanks

    Sue

    16/07/2018 at 4:31PM
    • Rebecca Bendikov Reply

      Hi Sue, This sounds like a question for our technical support team. Please contact us on 1300 88 78 68 so we can get to the bottom of it for you. Kind Regards, Rebecca

      26/07/2018 at 2:13PM

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