End of financial year is a busy time for small business owners with bookkeeping and tax returns in the front of their minds. Planning and putting the hard work in each financial year helps you to be organised when the end of financial year approaches.
Here’s a checklist of some essential tasks for the end of financial year:
- A profit and loss statement with a summary of income and expenses. A profit and loss statement is a list of all your expenses and sales recorded either on a monthly, quarterly or yearly basis that shows you how much profit you are making and losing.
- Conduct stocktake if applicable
- Gather records of any asset purchases so depreciation expense claims can be calculated
- Lodge returns for PAYG withholding and Goods and Services Tax (GST) Click here for key dates
- Complete and lodge annual payment summaries to your employees
- Meet Superannuation requirements as per SuperStream new legislation. Click here for more information on super deductions.
There are many different tax deductions you can claim for small business. These can be:
- Motor vehicle expenses including fuel
- Travel expenses
- Tools or machinery
- Money spent on your purely on your business (if the expense is for a mix of business and private expense, only claim the portion that is related to your business). You must have records to prove it. There are restrictions on claims if you use an item for only part of the year, only claim for the period it was used for the business.
- Operating expenses such as office stationery and wages in the year you incur them with record to prove it.
Remember the $20,000.00 Instant Asset Write-Offs government incentive, to reduce your income tax payable, a capital purchase before 30 June 2018 will do the trick. Read more here.
Planning ahead and getting a bookkeeper or an accountant to help with the end of financial year is a great way to relieve the pressure. It’s never too early to start planning for the next year. Many businesses are guilty of only seeing their accountant once a year but having an ongoing relationship with your accountant ensures that you are in a good position come tax time.
The Business Owner’s Diary – where your bookkeeper is always by your side
Check out our #new Business Owner’s Diary just in time for the new financial year! The diary includes important business tax due dates, cash flow tips, bookkeeping tips, and weekly & end of month tasks and to do lists. At just RRP $29.99 including GST + free post, $1.00 of each book sale is donated to the wonderful charity Share The Dignity which supports victims of Domestic Violence. Order your Business Owner’s Diary at the link below.
Click here to learn more!
End of Financial year Package
Balance Books are proud to offer an end of year bookkeeping package to ensure you have everything up to date!
- 17-18 super payments are made on time in accordance with SuperStream legislation, by 4pm 15/6/17 if lodged via the ATO Small Business Clearing House and 22/6/18 if lodged electronically.
- Bank statement reconciliations
- Finalise Aged Receivables
- Finalise Aged Payables
- Reconcile any loan accounts
- Merge and clean up all contacts
- Ensure all source documents for Capital purchases are provided to your Accountant and recording correctly in your software
- GST Reconciliation
- Payment Summaries issued to employees by 14/7/18
- Payroll Tax Reconciliation by 21/7/18
- Work Cover Reconciliation and next year estimation by 31/7/18
- PAYG withholding payment summary annual report is due to the ATO by 14/8/18
- Taxable payments annual report due 28/8//18
All for for just $275.00 including GST. Email Sally at email@example.com for further information.
XERO Subscriptions Discount Offer
We also have 50% discount off Xero subscriptions up until midnight (AEST) on 30/6/18. If you’d like to schedule an appointment to discuss this further then please do so here: https://calendly.com/balancebooks/15minutephonecall