EOFY Checklist for Small Business Owners
Photo by Ewan Robertson on Unsplash
These tasks will help you to prepare for the end of the financial year and get ready for speaking to your accountant.
Key dates:
30 June | financial year ends & business books are closed off
14 July | finalise payroll and submit end of financial year declaration to ATO
31 October | income tax returns due for those lodging directly with the ATO
1.Get your records and paperwork up to date, this includes:
Income tax and GST – sales, purchases and expenses and income tax records
Banking records
Payments to employees and contractors
PAYG withholding for business payments
2.Conduct a stocktake of inventory, equipment and fixed assets
3.Record asset purchases and repairs
4.Review your tax deductions:
Most business expenses are tax deductible if they are related to earning your income
Use cloud accounting software or an app to record your income & expenses throughout the year
5.Write off bad debts
6.Meet your employee superannuation guarantee obligations
7.Lodge yearly reports or returns for:
Pay as you go (PAYG) withholding
Fringe benefits tax (FBT)
Goods and services tax (GST)
8.If you employ staff, finalise Single Touch Payroll (STP) to report wages, superannuation and PAYG to the ATO by 14 July
9.Complete and lodge your income tax return by 31 October (if you lodge through a tax agent you may be eligible for an extension)
10.Meet with your accountant to review your finances, business structure and business plan
11.Check your insurance policies and any other annual agreements
If you are looking for a new accountant our team would love to speak to you. Book an initial consult here.