- Accountant. See your accountant before June, as in October is pointless for tax planning.
- Software. Is your accounting software up to date? Eg, Payment Summaries need Reportable Super labels; can your software cope with this?
- MYOB. Tax scales are changing 1st July; ensure you get software upgrades but be careful of timing; buyer protection for upgrades is very date specific.
- Payroll. Are your payroll records up to date? Do you have current addresses and tax file numbers? Chase your Accountant for FTB figures before getting your bookkeeper or MYOB/QuickBooks consultant to run off the Summaries. And there is word pay rates will change on 1st July; be prepared to handle this too.
- Bookkeeping. Is this up to date? Are your bank reconciliations completed to at least end of April? And that's May 2011, not May 2010! Before 30 June is always an excellent time to have your file reviewed.
- Super. If you want the deduction in the current financial year, then payment must be received by the fund and cleared by 30 June; not a cheque stuck in the post 30 June (or later). Remember contribution caps have changed (under 50's it's now $25K and for over 50's it's $50K).
- Claim all Deductions. Be sure you are stocked up on things you need â€“ everything from small hand tools, to stationery, printer cartridges, stock, materials, memberships, periodicals, rent, insurance and your vehicle services. Spent now to get the deduction, but seek advise re large asset purchases; these don't always mean an immediate deduction.
- Deadline Reminders. 14th July - payment summaries to be issued to staff. 31st July - Portable Long service Leave Certs to be issued. 14th August - Payment Summary Reconciliations to the ATO. 31st August - deadline for your WorkCover Annual Declarations. Plus of course BASes and IASes.
This is a busy time for everyone; ensure you are on track and organised. Work with your bookkeeper, consultant or Accountant to be prepared. And of course, once this is all done, remember to send your files to your Accountant to start on your tax returns; no need to wait till it's 3 weeks before the deadline.
So to you all, we wish you a Happy New Year.
Donna Stone is the founder of the multi award winning Consulting & Bookkeeping business Stone Consulting. They service clients on MYOB, Cashflow Manager, BankLink & QuickBooks. From her 25 years experience with over 300 clients, 15 staff and a decade in business, she has written a book of 200 tips on how to succeed in business, titled "Stepping Stones to Business Success". Learn more at www.stoneconsulting.com.au.
Â© Donna Stone, 2011