End of Financial Year again. 

Here are few things you can do to get ready:

  • Make sure your accounts are up to date
  • Contact your accountant to discuss options for reducing your tax bill
  • File all source documents – either on paper or in soft copy
  • Check employee details are complete for Payment Summary production – due to employees 14th July and to ATO by 14th August
  • Pay your super by 30th June if you want the tax deduction in this financial year
  • Check all subcontractor details are complete for Subcontractor Report production – due to ATO by 28th August
  • Performing a stock take is useful if not mandatory
  • Review your asset list for any items you’ve disposed of or no longer use
  • Review your debtors and creditors and ensure reports are accurate – write off bad debts and clean up accounts payable if necessary
  • Review any possible Fair Work increases to Awards – the minimum wage increases on 1st July Fair Work 3.3% pay increase from 01 July 2017 and changes to penalty rates Fair Work changes to penalty rates from 01 July 2017
  • As the financial year draws to a close you will know your results for the 12 months. It’s a good time to review your profit.  Can you reduce any costs, should you consider increasing your prices, review staffing levels, are your current business systems suitable to take you through the next year?
  • Preparing a budget for FY2018 and entering it into your software will allow you to easily monitor your progress