END OF FINANCIAL YEAR 2016/2017

END OF FINANCIAL YEAR 2016/2017 FAREWELL AND ONWARDS AND UPWARDS INTO 2017/2018

TICK OFF YOUR TOP 10 CHECK LIST TO MEET STATUTORY COMPLIANCE, MAKE YOUR TAX ACCOUNTANT AND ATO HAPPY, REDUCE YOUR TAX EXPENSE AND PREPARE FOR 2017/2018

1. If you have a product based business, do a stocktake with at least 2 people where both do not have a conflict of interest (e.g. Warehouse Manager, Purchasing Manager)
2. Write off “dead” stock and bad debts
3. Purchase a fixed asset (if you need one) for $20,000 or less and depreciate 100% in this financial year
4. Pay all your Super owing so you can claim it as an expense in this financial year
5. After you close off June supplier invoices, make sure you accrue any invoices coming in after the cut-off date
6. Reconcile your Balance Sheet General Ledger accounts as you may get a surprise of amounts sitting in Accruals and Prepayments that need to be journalised
7. Reconcile all your Statutory Requirements including IAS/ PAYG, WorkCover, Payroll Tax, Superannuation, GST etc.
8. Check through your Staff Leave Balances and plan in the next 6 months to reduce the balances down to an acceptable level
9. Get your accounting data in perfect order, subsidiary ledgers balanced and balance sheet items reconciled so you reduce your tax accountant’s tasks saving you considerable money
10. Update your Business Plan, Finalise your Budget, Marketing Plan, Cash Flow and Task Schedule
HAVE A VERY SUCCESSFUL AND PROFITABLE 2017/2018 (made a lot easier by completing Item no. 10!)

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