End of Financial Year Checklist

The end of financial year is approaching quickly, so I'm chiming in here to make sure you've got your head around the things you need to think about, or to take action on. BEFORE 30 JUNE Consider what you'd like to prepay before 30 June. It might be new plant and equipment, leasing a vehicle, office supplies, stationery, creditors or investing in your staff by way of training and courses. Here's a little plug for the eCourse for Entrepreneurs, a course for business owners, startups, and managers.

It is also a good time to discuss insurance needs with your broker. You may have important changes to your business that should be taken into account when renewing the policies.

When claiming any deductions for your business, be sure to have records to support the expenses that you claim. So, what are some of the deductions? These may relate to travel expenses, computers and/or tools and machinery, motor vehicle expense, or website and IT costs. Conduct a stocktake so that you have accurate records of stock on hand. After the final pay-run is processed before 30 June you will need to make sure that you have met all the superannuation requirements with regard to reporting and payments. For this financial year there is a super contribution cap of $27,500. What does this mean? Say your salary is $80k, super on that amount will be $8,400 and that's what will be paid during the year into your Superfund. The difference between $27,500 (being the cap) and $8,400  (being the year's contribution) is $19,100 and that would be the extra amount of superannuation that you can contribute to your fund. It's important to speak to your accountant and financial advisor about this. If a super cap payment is made, it needs to happen before 30 June. Engage an external consultant to reconcile the end of year payroll summaries. This will help to confirm that payments paid  for salaries, super, PAYG or other payments to staff or to yourself if you're flying solo, indeed match the records lodged at the Australian Taxation Office through Single Touch Payroll. If they don't match, then you've got time to remedy the situation.

AFTER 30 JUNE If you’re running a business you are most likely using an accounting platform like MYOB, Xero or the like.

• Download bank statements to 30 June for your everyday business account, VISA, AMEX, other credit cards, or business savings account
• Reconcile all your bank statements to 30 June
• Collate copies of expenses paid for your business
• Download share portfolio statements
• Collate expenses paid for property investments (utilities, insurance, repairs and maintenance, land tax, annual rental statement), and any bank loan statements
• Prepare and collate a copy the April-June quarter BAS statement
• Collate copies of insurance invoices paid (life, travel, computer, public liability, professional indemnity, landlord)
• Lodge WorkCover declaration for the financial year and an estimate of remuneration for the new financial year

You or your bookkeeper will be able to access the data and run the necessary end of financial year reports.

• Profit and Loss Statement
• Trial Balance
• General Ledger
• Debtors
• Creditors

This email is for information purposes only, and it is recommended that you speak to your accountant or financial advisor to obtain professional advice.   With warmest regards and best wishes for a happy financial year, Eugenia xx ***Until 30 June 2023 the introductory investment for the eCourse for Entrepreneurs is $397. The represents a savings of hundreds of dollars. Enroll now :)