Getting your trade business ready for end of financial year

  • End of Financial Year Checklist

Welcome to June!

Attention has turned to the end of financial year.  The below provides a checklist of the things that need to be done to get your accounts ready.

CategoryWhat needs to be done?
AccountantMake an appointment to see your accountant before 30 June 2017 to check what needs to be done before the end of financial year, including the purchase of capital items, deferring income and realising expenses.
AssetsUpdate your asset register, make sure you have all assets list and the details are up-to-date.
BookkeepingGet you accounts up-to-date for the end of year checks. Make sure you have all expenses included. Do a full year review of the accounts, including a GST reconciliation.
Business PlanningThe end of financial year is a great time to review your business performance and set goals for the next financial year. Assess how your business did over the last financial year and do some forward planning to make sure you get the results you want this year. Put in place budgets for the coming year to keep your business on track.
ComplianceGet information up-to-date to meet compliance requirements for the tax office, including payroll, super, Taxable Payments Annual Report, BAS and Tax. The key dates calendar will help with the due date for activities.
If you have to chase up information from others, allow time to collect this.
Long Service LeaveCheck that you have your LSL leave up-to-date. If you haven’t submitted this year or you haven’t registered, make sure you get this done before the end of the financial year.
Payroll & EmployeeRun payroll checks and ensure that you have all information update and correct for payment summaries. Check that the tax rates for Working Holiday Visa Holders are correct. Make sure all Tax Declarations have been lodged. Check you have all employee details. Confirm that subcontractors and employees are classified correctly.
ReviewThis is also a good time of year to review your expenses, insurances, cashflow and collections. Identify expenses that are no longer valid in your business. Make sure insurance coverage is current and your coverage is adequate. Look at ways to improve cashflow so that this is not an impediment to the business achieving its goals in the coming year. Look at collecting outstanding money to get the new financial year off to a great start.
StocktakeIf you manage inventory, prepare your stocktake and ensure all transactions have been recorded.
SuperSuper Guarantee payments need to be processed before 30 June to qualify for a tax deduction in 2016-17 financial year.
SystemsIf you have been thinking about setting up new processes and systems for your business, implementing them now so that they can take effect for 1 July 2017.

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