End of Year Celerbations…..


Sorry, I mean end of financial year jobs.







Anyway, enough with the disappointment, on with the important stuff

With the end of the financial year as a business owner there are several things you should tick off to make the end of financial year and preparing for tax time as smooth and seamlessly as possible.

  • If you carry stock, do a stock take as close to the 30 June as possible. Not only will you need to have a closing stock figure and account for any stock that needs to written off (it may be obsolete or broken).   It also a good time to review what to stock is selling well and what isn’t.
  • Review outstanding debtors. Are all these still collectible?  Consider writing off old or bad debts so these are not included in your taxable income.
  • Make sure your accounting system is up to date
    • Make sure all expenses have been entered in the accounting system, even if they are yet to paid.
    • Reconcile bank accounts and ensure the bank balance from your accounting system matches the bank balance.
    • Ensure all fixed assets have been added.
    • Payroll and Super are completed and update. (Please note that Super needs to be paid to be able to claim a deduction)
  • For businesses that have employees, complete the STP finalisation. Needs to completed by 14 July
  • For businesses with contractors in certain industries you will need complete a lodge your TPAR report.
  • Where appropriate Work Cover and Payroll Tax annual wages reconciliation.

If you have questions or do not know where to start please feel free to give us a call we are only too happy help you through these tasks.

Contact the team at Ascend