Yes its that time of the year again, EOFY checklist for business

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Now hasn’t this last financial year gone quick, it only feels like yesterday!! There are lots to do before the EOFY, so here is a simple checklist for you.

1. Ensure your BAS lodgements are accurate and up to date, if not, make sure you arrange an ATO plan.
2. Ensure your Super Guarantee (SG) contributions are accurate and up to date, if you have prior quarters outstanding, then contact me for guidance as soon as possible.
3. Are you ready for Single Touch Payroll (STP) as this takes place start date 1st July 2019.
4. Reconcile your payroll and get ready to provide your 2019 PAYG Payment Summaries to your employees ensuring that salary sacrifice superannuation contributions (RESC) and make sure reportable fringe benefits is correctly dealt with as there are a few changes this year, depending if you are reporting by STP.
5. If you are not reporting to the ATO via STP, you are required to provide 2019 PAYG Payment Summaries to your employees by 14th July 2019.
6. If you are reporting to the ATO via STP, you are exempt from providing payment summaries to your employees and from lodging a PAYG payment summary annual report.
7. Ensure all your records are compliant with the ATO.
8. If you carry stock within your business, the stocktake of inventory should be completed by 30th June 2019
9. Make sure you have reviewed your GST codes are assigned correctly to the Profit & Loss and Balance Sheet items correctly to ensure you are lodging an accurate BAS.
10. Make sure your personal expenses have not been claimed as business expenses
11. Makes sure any amounts in suspense have been allocated to the appropriate ledger account
12. GST & PAYG withholding accounts are reconciled to the June BAS
13. Make sure you have reconciled your Bank Accounts, petty cash, credit cards, loans and HP/Chattel Mortgages are reconciled.
Now there are many more things to list, but if this has scared the pants off you, then contact me today and outsource your Bookkeeping and BAS to a qualified Bookkeeper and BAS agent who has over 25 years’ experience in the industry.
Maree Punzet
Maree’s Mobile Bookkeeping
M: 0429 363 047
W: www.mareesmobilebookkeeping.com.au