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The end of the financial year...is just the start

WT-Bookeeping-Educational-Blog-ImageThe end of the financial year brings reporting obligations that can stretch the resources of even the most organised businesses.

If your business is just getting organised then there are a few things worth thinking about that will help minimise the risk of fines and penalties from missed deadlines or incorrect reporting.

Get on top of your paperwork

If you haven't quite managed to get on top of your paperwork during the year now is the time to get it in order. Update your filing and collate all relevant documents so they are readily accessible for easy reference as each deadline falls due.

Make sure you have entered all sales and purchases and other business transactions for the year into your bookkeeping system.
Review your bank reconciliation for outstanding cheques or deposits and investigate old items.

Review your debtors for bad debts and review your creditor balances to make sure they match supplier statements. Investigate discrepancies and make sure you are up to date with supplier payments, but also check you are only being charged for products and services you used.

If you have stock, do a stocktake and write off old or obsolete items.

Be prepared for a cash outflow

For most businesses year-end reporting obligations bring more work but they also put extra pressure on cash flow.

Monthly and quarterly BAS/IAS payments, superannuation payments as well as WorkCover premiums are all due in the quarter following the end of the financial year, closely followed by any income tax payable once you have lodged your income tax return.

If your bookkeeping is not up to date it can make it difficult to plan for these extra cash outflows and make sure you have enough cash in the bank when they fall due.

So the first thing you need to know is when the deadlines are.

Due Dates and Deadlines

July

14th July: PAYG Payment Summaries
Employees rely on payment summaries issued by their employers to complete their tax returns, so accurate data is crucial. If you are producing summaries electronically ensure the system you use to generate them is up to date. If you are issuing electronic copies they must be readable, A4 sized documents that cannot be edited.

21st July: June Monthly BAS/IAS
Business doesn't stop because it's the end of the financial year and neither does ATO business filing. Monthly lodgement obligations can feel like an extra drain on resources at this time of year but still need to be met on time.

21st July Payroll Tax Annual Reconciliation
All businesses need to lodge an annual return for taxable wages paid or payable during the year, ensure it agree to amounts reported on periodic returns submitted throughout the year, and pay any outstanding liabilities.

28th July: June Quarter BAS/IAS
Regular business filing can feel like an even bigger task if you only have to do it quarterly, and the June quarter deadline can sneak up suddenly among the other year end deadlines.

28th July: June Monthly and Quarterly Super Payments
Monthly and quarterly superannuation guarantee contributions for all employees must be paid to super funds by this date. If the minimum contribution isn't paid on time businesses need to pay a super guarantee charge to the ATO by 28th August which is not deductible for tax.

31st July: QLeave Worker Service Return
If your business is in the construction industry in Queensland you need to lodge a QLeave return confirming the service of all construction workers you employed during the financial year.

QLeave recognises that construction industry workers move around a lot so making sure your underlying records have captured all workers who have joined or left your business is critical to accurate reporting.

August

14th August: PAYG Payment Summary Statement
Payment summary statements are a reconciliation of all payment summaries issued to employees and workers. The ATO allows BAS agents to lodge on 30th September on behalf of relevant clients.

21st August: July Monthly BAS/IAS
Make sure you also stay on top of your day-to-day bookkeeping in the first month of the new financial year as the July lodgement deadline will come around pretty quickly.

28th August: Taxable Payments Annual Report (Building and Construction Industry)
Employers in the construction industry need to report all contractor payments made in the year to the ATO. Making sure your underlying record keeping system is set up and maintained effectively will ensure accurate reporting.

31st August: WorkCover Declaration
Employers running a business in Queensland need to insure those employees against accident and injury with WorkCover Queensland.

Premiums are calculated based on wages paid during the financial year and businesses must make a wages declaration by the due date each year as part of that process.

October

31st October: Income Tax Return
Businesses get a bit of breathing space at the end of August. The usual monthly IAS/BAS lodgement is still due mid-month in September and then your business income tax return is due in October.

31st October is also the final deadline to employ a tax agent and advise the ATO. The income tax deadline can move to 31st March or later of the following year if you use a tax agent. 

How can WT Bookkeeping help?

If you started the last financial year vowing it would be different this time but found yourself in exactly the same position come 30th June it might be time to consider getting some help with your bookkeeping.

WT Bookkeeping can help with all aspects of your bookkeeping from data entry to software setup, managing payroll and superannuation obligations as well as lodging BAS returns and dealing with the ATO on your behalf. Find a detailed list of the services we offer here.

Don't wait until December to make your next New Year's resolution.

WT Bookkeeping provides accurate reliable responsive bookkeeping services.

Call us today on 07 3844 1170 for a complimentary 30 minute review of your current bookkeeping processes or get a hands-on introduction to a simple cash flow forecast spreadsheet that will help your business better manage its bookkeeping in the new financial year.

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