The end of the financial year spells stress. For some of us, we leave it to our accountants to kick us into action and then scramble for receipts and invoices before 1 July.
To help make things a little easier for you, we’ve prepared a checklist of the main things you need to prepare for before we tick over to the new financial year.
Make sure to read on also for a list of tips on how to stay prepared for next year.
Get your paperwork game on
☐ Ensure all accounts are reconciled
☐ Ensure Business Activity Statements are paid and up to date
☐ Profit and Loss Statement
☐ ASIC annual report (for companies only)
☐ Superannuation payments up to date (super guarantee is due by 28 July but pay before 30 June to obtain a tax deduction
☐ PAYG withholding payment summary
☐ PAYG payment statements (group certificates) for employees
☐ Prepare your income tax return
☐ Capital Gains Tax
☐ Goods & Services Tax
☐ Fringe Benefits Tax (if applicable)
☐ Summaries of any debtors and creditors and writing off any debt
Claim your tax deductions
☐ Perform a stocktake if your business requires it
☐ Find out what you can claim for
Some items you may be able to claim for:
– business insurance
– income protection insurance
– costs for a company website
– vehicle and travel expenses
– computers, tools or equipment
☐ Superannuation payments up to date (super guarantee is due by 28 July but pay before 30 June to obtain a tax deduction
Planning for the year ahead
Importantly, the first step is to reflect on what went right during the year and how things can be improved.
Getting on top of paperwork and tax requirements during the year is the hardest part. The best way to start is getting organised early on. Take this time to set things right from the start and develop good habits; pay your super, reconcile your accounts monthly, and stay on track with your BAS every quarter.
If you get stuck or need help, a good idea is to meet with your accountant or financial adviser and discuss how you can make these improvements.
What Can Align Financial Do For You? Visit our homepage to learn more about our service. If you would like to speak to us about your financial circumstance, please feel free to give us a call on 02 9913 9995. We are located in Narrabeen on the Northern Beaches of Sydney.
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Disclaimer: This post has been prepared for general information purposes only. It is not specific advice to any particular person. You should consult an authorised Align Financial adviser before making financial decisions. Align Financial | Financial Planner Northern Beaches | Servicing North Narrabeen, Narrabeen, Mona Vale, Elanora Heights, Newport, Avalon, Palm Beach | Enquire with us online
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