There are always a million things to do as a small business owner. And 30 June is no different! You have some hard lodgement deadlines to meet, but also some opportunities to ensure you set yourself up for a kick-arse 2018.
Tax Planning : Action List
We are super proud to have saved our clients $4.2 million in tax this year! We know all of you will put that money back into your businesses, employing more people, growing & paying down your debts.
You all have your individual action lists of things to do before 30 June. Make sure you double check your list today and get any last minute things finalised.
We know everyones hates doing stocktakes! But it's 30th June and we need accurate stock levels not only for tax, but more importantly to ensure your margins are where they need to be. Having accurate stock also allows you to review what's selling quickly, what brands/items you have to discount (if any) and what items take a long time to sell.
Knowing your margins and stock levels also allows us to help with your growth. We can determine when your ordering cycles are, therefore when you need capital for stock, as well as how much you need to sell at what margin to make the profit levels you want. So get counting either today or over the weekend.
P.S for those of you using Vend or Unleashed or Dear make sure you do your stocktake in those systems. It's way faster and a lot easier as well.
Employees : What you need to do
The main chunk of work that needs to be completed for 30 June is all about your employees. Thankfully Xero helps make this process a lot less painful. Here is a quick snapshot of the deadlines:
- PAYG Payment Summaries 14th July
- Super 28th July
- Long Service Leave (Building + Construction) 31st July
- Taxable Payment Summaries (Subcontractors) 28th August
PAYG Payment Summaries
These need to be given to your employees by the 14th July. You also need to ensure you have completed and sent to the ATO a summary of all the PAYG Payment Summaries. Don't stress as we take care of this for you.
We've been busily preparing PAYG Payment Summaries for our clients this week who have already processed final pay runs. Look out for our confirmation emails over the next few days to let you know these are complete.
As a side note, we put a handy to-do list together last year to ensure your xero file had all the correct employee info. It's a great idea for you to review that again now.
Super
The due date for Super is 28th July. For those who needed the tax deduction this year, you should have already processed your Auto Super in Xero. For those of you who haven't, you need to ensure this is paid by 28th July.
Most people aren't aware, but not paying super can land you in really hot water. Not only are you required to lodge a tonne of paperwork, but you need to pay an admin levy for each employee you haven't paid super for as well as interest. Make sure you are putting your super aside each time you do a payrun so you don't land yourself in hot water.
Long Service Leave (Building & Construction)
Many of you in the Building & Construction Industries are all registered as employers with the Long Service Corporations. You need to report to them each year about your employees and turnover etc.
We take care of this for you. We just need to ensure we have our end of financial info request completed by you before 25th July.
Taxable Payment Summary
If you are in the Building & Construction Industry you also need to complete Taxable Payment Summaries. These effectively report to the ATO everything you have paid for your subcontractors each year so the ATO can data match against the income the subcontractor reports in his or her tax return.
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
Employee Pay Rates
If your employees are paid under an award, you need to ensure you increase the pay rates from 1st July. Fair Work released the new rates a few weeks ago so most of your employer groups should have notified you already of the increases.
You can jump on the Fair Work website to search for the new rates. Just make sure the 1st pay run from 1st July are at these new rates.
Wrap Up
Lots of lodgement deadlines for 30 June. The main thing is to ensure you have Xero updated so we can prepare everything for you well in advance of the deadlines.
Happy End of Financial Year!
