30 June is just around the corner, which means the start of another financial year. There are still a few things that you need to get sorted BEFORE 30 June. We've put together a checklist for you below. As always any questions at all just let one of the Growthwise team know.

Tax Planning

Time to ensure everything is ticked off on your tax planning action list. We can't post date anything for the year so it's super important you get all those things completed in the next couple of days. We are talking about the personal checklist we sent this month for you.

Stocktake (due 30 June)

Yes we know everyone HATES having o do a stocktake! But unfortunately for those of you holding any stock these are mandatory. Not only for tax purposes 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 margins to make the profit levels you want. So get counting!

P.S here are the instructions for Vend, Unleashed, Dear Systems.

Pricing

New Financial Year is always a good time to review your pricing. Wage Rates are about to increase again on 1 July. So make sure your pricing still allows you to cover your costs and profit.

Debtors

Now is a great time to ensure you are chasing those debtors. You don't want to be a bank for your customers! Cash is much better off in your account. So get collecting :)

Submit Auto Super

If you want to claim a tax deduction for super this year you need to get it paid by 22nd June - ie that is the cut off date for Xero to have processed Auto Super. If you don't need the tax deduction now the due date is 28th July for your Superannuation. 

Not paying super can land you in a lot of hot water. Not only are you required to lodge a tonne of paperwork, but you also need to pay an admin levy for each employee as well as interest. You should be putting the Super away each week or fortnight with your payroll. The ATO have announced an amnesty period where if you complete the late super forms they will waive the penalties applied to your account. If you are behind time to get sorted with your Super. 

Due Dates : Employee Forms

PAYG Payment Summaries - 14th July (don't stress we take care of this for you)

Taxable Payment Summaries - 28th August (we take care of this for you as well)

Long Service Leave - 31st July (for those of you in the Building & Construction Industries)

Single Touch Payroll

New rules for everyone with more than 20 employees. You now need to report to the ATO each payrun! Xero will have this embedded as part of Payroll. And the exceptional news is Xero have an extension for all customers. You won't need to report anything until December. Meaning you are exempt from this legislation for 6 months. Yay Xero! We will be in touch with each of you with instructions on what to do if you processes your own payroll. If we do it for you, sit back & relax!

Employee Pay Rate Increases

For anyone paying employees award rates these increase on the 1st July each year. The increase is 3.5% on all Modern Awards. The new national Minimum Wage is $18.93 / hour ($719.20/week for full-time employees). You can subscribe to updates for your Industry here.