Do you have any employees?
As of Jun 30, 2016, all employers are required by the ATO to be SuperStream compliant.
For more information, refer to your accountant or the ATO checklist & guide on the topic https://www.ato.gov.au/super/superstream/employers/employer-checklist--a-step-by-step-guide/
We recommend you action the following End of Financial Year checklist before 30 June.
Before End of Financial Year Checklist
- Share your file with your accountant
- Check Alternate codes if in use
Does your accountant use Alternate Codes? If they do, check that any new codes you have added in this financial year are set up with the Alternative Codes. Email your accountant to confirm the details. Click here for information on how to Set up or Edit Codes
- Update your cashbook data
Make sure that your cashbook data entry is up to date for May and June for smooth sailing in July
- Check for old outstanding entries
In early June, we recommend that you check for any outstanding debtors or creditors that are more than two months old. These need to be tidied up your cashbook before End of Financial year. Contact the parties concerned to resolve payment. This might be time-consuming but it’s worth it
- Consider Tax deductions
Discuss with your accountant and if your finances permit, pay all employee and directors/business owners’ super contributions in this financial year (June) so it can be claimed as a tax deduction. This can be done up to the last BUSINESS day in June
- Email your Accountant now for their End of Financial Year Checklist.
Lots of the information can be gathered prior to EOFY (i.e. new HP, Lease or Loan documents), making the job so much easier after 1 July. These lists are generally very helpful in prompting your memory prior to 30 June, ensuring important transactions are also made prior to End of Financial Year
- Pay attention to any 30 June pre-tax planning communication that your Accountant issues
After End of Financial Year Checklist
- Reconcile Your BAS & BST
Do a BAS & GST Reconciliation for the whole for the financial year before sending your file to the accountant. You might find a few issues that you can fix before you send it to the accountant and if you can’t fix them, you can tell your accountant so that they can resolve them. Click here for instructions on reconciling your BAS & GST.
- Extract payment summary data if you have employees and don’t use Wagemaster
If you need information from Agrimaster to complete your Payment Summaries you can extract all the Wages paid & Tax Remitted from Agrimaster. To extract payment summary data, click here