The 30th June marks the end of the Financial Year for everyone in Australia. There are a few things you need to ensure you have completed so as to not get into any trouble with the law! As well as a few things that are really important from a business perspective.
Stock
If you have stock in your business you need to complete a stocktake for the 30th June. This is not only mandatory by law but it's best practice from a business perspective. You really should be doing these regularly to ensure stock isn't going *missing* and so you can track your overall profit and financial health.
Thankfully if you are using something like Vend or Unleashed completing your stock is super simple.
PAYG Payment Summaries
These need to be completed by the 14th July. We prepare these for all of our clients and will be starting this process as soon as you have completed your final pay run.
If you haven't already, time to jump into Xero and ensure all of your employees have email addresses, tax file numbers and addresses.
Super
Hopefully you have paid all of your Super already. For this to be a tax deduction this year you need to have paid before the 30th June.
If you don't need the tax deduction this year don't forget you MUST pay your Super before the 28th July.
Subcontractors
If you are in the building and construction industry you need to prepare Taxable Payment Summaries.
We need to report to the ATO the name, ABN and address as well as the amount paid to all of your suppliers. Again we take care of this for you but it's important you have these details setup against the contact in Xero already.
Award Pay Rate Increase
From the 1st July every employee under an award (or on the minimal wage) is due a pay rise. That means the 1st pay after the 1st July needs to be paid at these higher rates.
The rate increase is 2.4%. All award rates have now been updated on the Fair Work site. We will update these rates for all of our clients on our bookkeeping package. If you need any help let one of the ninja's know.
Long Service Leave
For those in the building & construction or cleaning industries who pays into the Long Service Leave Corporation make sure you have all of your worker numbers and have registered everyone who works for you.
Due date for these forms is the 31st July.
Pricing
The end of Financial Year is a great time to review not only your prices but also the services you are providing.
Take this opportunity to update your systems to reflect these increases and change in services.
Extra
Make sure you have actioned everything on our tax planning list.
Don't forget to answer your checklist as soon as you have your information so we can get a head start on your work for 2016.
Celebrate! You have made it another year in business!
