As we come closer to the end of financial year most of us just panic!
To be honest I do too, there is a lot of work that needs to be done.
The best way to beat this is preparation. Bookkeepers start thinking about the EOFY as soon as the last quarter ticks over in April.
Here is some tips in making it through the EOFY without the headache.
Have your bookkeeper and accountant have a look in your accounting software (MYOB, Xero, etc.) in May and see if there is anything that can be sorted out now. Get it tidied up now.
- Payroll – Balance payroll and ensure the information that needs to be sent to the ATO is ready to go. Once the last pay has been done for the year, you can lodge the information with the ATO. This needs to be done by the 14th July, so get it done ASAP. Remember employees do not receive a group certificate anymore, they will need to log in to MyGov and it will be in their account inbox.
- Super – Pay what you can before June 30 so it can be included in the correct financial year and can be claimed. This is a great way to ensure that employees are not exceeding the annual limit for salary sacrifice and employer contributions.
- If you have stock – count it!
- Quarterly BAS due 28th July
There is a lot of work to ensure you have ticked all the boxes.
Get in early and sleep easy this EOFY!