As EOFY looms, it’s important that all business owners start preparing themselves for the end of the fiscal year. Having all the details on hand means that the tax filing and form submission won’t be as tiresome as it can be made out to be. So you’re not pulling your hair out come June 30, we’ve prepared a checklist that will ensure you and your business are completely ready for this end of financial year.

 

First, the nitty gritty details:

  • Tax file numbers of all employees

  • All relevant bank details

  • Your ABN

  • Payment summaries for employees

  • Payment summaries from super funds

  • Statements from banks and financial institutions for any loans showing interest received

  • Details of foreign income received

  • Employment termination payment summaries

  • Receipts for gifts, donations and work-related expenses

  • Dividend payments and distributions from managed funds

  • Any investment gains or losses from the disposal of shares, units and rental properties

  • Any employee bonus payments

Once you’ve got all the fine details in place, you can have everything on-hand when filling out forms and analysing your business. Also, having all of these details ready to go will make it a much easier process when you do meet with your accountant.

 

Then, it’s time to take action:

  • Pay contractors and vendors in full by year end

  • Prepare your records for local, state and federal payroll

  • Scrutinise your balance sheet and profit and loss report

  • Investigate your income statement to establish your profitability

  • Use your cash reports to gain insights as to how much cash you have on hand

  • Add up your quarterly estimated tax payments for the year

  • Review all information about current and past employees

  • Review insurance policies, cover and rates

  • Confirm your tax by arranging a meeting with your bookkeeper and/or accountant

  • Decide whether you need to request a tax payment extension

  • Review your client list and make sure all information is up to date

  • Review your goals for the year, and make new, realistic goals for next year

This simple checklist will ensure that you and your business are prepared for year-end. Don’t forget to take some time out for yourself once all the EOFY madness is over, too. Employers need holidays just as much as employees do, and a little break will ensure you are refreshed and prepared for the year to come. If you have any questions about any of the above points, please don’t hesitate to contact Next Level Accountants today.