Financial year is 1st July to 30th June
Tax record keeping requirements. As a business owner you need to keep records of all your financial transactions as required by the ATO. This includes the source documentation of all your transactions and the calculations and any other determinations or options you’ve made within your tax returns.
Stocktake. Take the opportunity of EOFY stocktake not just to count those on-hand items, but to revisit your stock strategy and plan for the coming year. Don’t forget to write off any damaged or missing stock.
Financial reports. Your accountant will be reporting on your income and expenses from your Profit and Loss Statement – take the time to make an informed assessment first. Your Balance Sheet will list your business assets and liabilities to establish your net assets.
Review your finances, business plan and budgets.
Check your tax agent is registered at https://www.tpb.gov.au/search-register
Be aware of tax refund scams.
Check your insurances.
Secure your files.
Research your capability to ward off a cyber-attack and check your insurance coverage.
Lodgement Dates
- sole trader/ self-employed – if you lodge by yourself your tax return can be lodged from the 1st of July to the 31st of October each financial year. See you registered tax agent for personalised information.
- partnership – if you large by yourself your partnership tax return can be lodged from the 1st of July to the 31st of October each financial year. See you registered tax agent for personalised information.
- company – company tax returns lodgement dates very. The majority of company tax returns will be due 28th of February each financial year however we recommend you cheque the ATO website for your specific date.
Your accountant will need…
Accounting System
Regarding your computerised accounting file, make sure that your accountant has an invitation and check the email address. Also make sure the accountant is an administrator of the file.
ATO Documents
Copies of the Instalment Activity Statements.
Copies of the Business Activity Statements.
Ensure you have finalised your Single Touch Payroll software for the 30th of June.
A copy of the latest Workcover declaration showing the paid premium and the actual wages declared.
Assets
Copies of all bank statements including business credit cards, barter card, and the yearend bank reconciliation for all those business accounts at 30 June
Debtors report as of 30 June
A list of bad debts indicating whether it includes or excludes GST
Stocktake
Liabilities
Creditor’s report of 30 June
All loan statements and details of any prepaid interest
Any hire purchase lease and chattel mortgage agreements
Income
Details of all business income between 1st of July and 30th of June and any GST that applies.
Dividends.
Rent.
Investments.
Deductions
Work related car expenses.
Wages and salaries. Please provide payroll totals report reconciled against the Single Touch Payroll finalization report.
Superannuation. Please provide details of all superannuation payments made on behalf of your employees during the year.
Depreciation of business assets.
Business expenses. Make sure all business expenses have been correctly coded in your accounting system and the appropriate GST has been claimed.