Yep, it’s already June and you know what that means - June 30 will be here before you know it. But don’t stress, we’ve got you covered with a list of everything you need to get sorted before EOFY. Read on to find out what you can do before June 30 to get organised.
Superannuation
Make sure you pay your Superannuation Guarantee (SG) contributions by June 30 if you want them to qualify as a tax deduction in the 2017/18 financial year. Learn more about SG contributions here.
Deductions
Research which deductions you can claim and remember the ATO’s 3 Golden Rules for Deductions:
The money must have been spent on your business.
If it is for a mix of business and private use, only claim the portion that is related to your business.
You must have records to prove it.
Accounts Receivable
Take the time to review any outstanding invoices and write off any bad debts. Find out more about bad debts here.
Single Touch Payroll
If your business meets the criteria, you will need to be Single Touch Payroll (STP) ready by July 1 2018. STP will be mandatory for businesses with 20 or more employees, so if you haven’t heard of STP, now is the time to read up on it. Not sure if STP is compulsory for you? It’s a good idea to do a headcount of all your employees.
Record Keeping
It’s a good time to sort out all of your business records. This includes cash, online, EFTPOS, bank statements and credit/debit card transactions covering sales and other business income, and expenses you can claim as business deductions. Read our article on record keeping to make sure you’re organised.
Free EOFY Small Business Checklist
Stress less with our free End of Financial Year Small Business Checklist - you can find it here. It's got a list of things to do before AND after June 30 so it's really useful. And look out for next month's post for more EOFY help! Subscribe below so you never miss a thing.