Are you ready for the end of the financial year?

June 30 marks the end of the fiscal year in Australia and is a great time to review your businesses’ performance and understand how to optimize your tax position.

Here are our suggestions to ensure that your accountant has all the information needed to lodge your return in the most accurate and beneficial way for you.

Single touch payroll & superannuation

If you employ staff, make sure you finalise your single touch payroll (STP) data for the financial year to ensure you are compliant with the ATO. Also make certain that the correct payroll numbers have been reported through your accounts. Doing this, means employees can access their end-of-year income statements and enables them to submit their individual tax returns.

In order to claim super as a tax deduction, it has to have been paid from the company’s bank account prior to the end of the financial year. Therefore, you could pay all superannuation you owe employees by the June 30, even though it is not due until the 28th July to qualify.

If you have concerns about STP and superannuation, and want to avoid inaccuracies or underpayments, we can help.  

Bank reconciliations

Make sure your bank accounts are reconciled. You will need to go back through your bank statements for the 2021/22 financial year and locate the receipts and invoices that correlate.

You also need to reconcile the balance sheet accounts for your debtors, creditors, superannuation, PAYG and GST.

If you do regular bookkeeping yourself, the main thing we will require is the monthly reports.

Speak to us if you need help with bookkeeping services.

Stocktake

If you buy and sell products, you need to make sure you perform a stocktake, because the ATO requires you to provide data about the value of your stock at the end of the financial year. It’s also hugely beneficial to see how much stock you have unsold, so you can gauge what has been popular and what has sold less well. Your accountant will need stock information to prepare your tax return.

Tax savings

Your accountant can identify what you can and can’t claim as a deduction.

To help the accountant out as much as possible, make sure you keep your logs such as mileage claims up to date, so you have the information you need at your fingertips.

If you’re not sure that your bookkeeping is as up to speed as it should be – speak to us. We can make sure your key documentation is in order, so we can quickly and efficiently lodge your return and optimize your tax savings.

We can help!

TaxAssist Accountants can make your life simple. Call us on 02 9174 5757 or inquire online here to book your free, no obligation consultation.

Date published 11 May 2022 | Last updated 9 Jul 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.