As we breathe a sigh of relief over the end of the ubiquitous election ads, along come the EOFY jingles that are equally as annoying. But just like political advertising, they do serve a purpose in reminding us that a pivotal date is looming and action is required.
- RECONCILIATION - Make tax time easier on yourself by reconciling your bank accounts and also running your creditors and debtors reports now. This will allow you time to sort through any errors and follow up on any outstanding payments or debts before you hand over to your accountant or the ATO deadline hits.
- ADDITIONAL PAYMENTS - Remember to pull together all documentation and details of any government related payments, grants or rebates including COVID-19 support payments/grants.
- DEDUCTIONS – Make sure you are across all allowable deductions and ensure you have the documentation/receipts your accountant will require.
- STP - Be aware that your end of year finalisation declaration via Single Touch Payroll (STP) must be submitted by 14 July. Your employees will then be able to complete their income tax returns.
- STOCKTAKE - If your business carries stock, a stocktake of inventory should be completed by 30 June.
- ASSETS - If your business holds an asset register for significant plant and equipment, set time to review and adjust any changes ready for your accountant.
- NATIONAL WAGE - For those industries and businesses in which Awards apply, be aware that the Minimum Wage Review decision will be available in mid to late June and you will need to apply these increases from 1 July.
- SUPERANNUATION – From 1 July, the Superannuation Guarantee increases to 10.5% and the $450 threshold is removed so you will need to make note of this for the first pay cycle of the new financial year.
- PLANS – The end of a financial year is a great time to review and where necessary, revise business and marketing plans. Is your business heading in the right direction, what changes do you need to make and what resources do you need to secure or plan for as the new financial year clicks over?
The key to surviving the end of financial year – aside from muting the TV when those atrocious ads are being played – is preparation. Getting out on the front foot will save a lot of the last-minute panic and I think we can all agree that anything that reduces stress is a winner.
While we aren’t accountants, the HR Staff n’ Stuff team can help if you are reviewing your business plans from training programs through to strategic business planning – we are here to help when and how you need us.
