What you need to do before and after 30 June.

With only a few days to go here is a quick list of the things you need to do before and after 30 June.

 

1. Meet your deadlines.

June 30 – Distribution Minutes

If you are trading under a discretionary trust, you need to make sure your distribution minutes are prepared and signed. If not done you could be paying tax at 47%!

July 1 – Changes in Payroll and Superannuation

Make sure your payroll software is up to date with the changes, superannuation is up to 10%, there have been changes to the minimum wage and changes to STP reporting.

July 14 – STP Finalisation

This is the deadline to process, file, and finalise Single Touch Payroll (STP). Make sure all your pay runs are reconciled and all your employees are registered.

July 21 – Payroll Tax annual return

If you are in QLD and are required to pay payroll tax, your annual return is due on July 21.

August 28 – Taxable Payments Annual Report

If you are in the building, courier, cleaning, IT, or Security industries you’ll need to report payments made to contractors and subcontractors. Having full details (ABN, full name & address) will make it easier to prepare this report.

 

2. Review your accounts.

You want to ensure your accounts are up to date and reconciled before the year end so that you know what to expect and are not missing any potential deduction.

Review your debtors, chase any late payments and write off any bad debts. This will also be helpful when preparing your budget and forecast for the year ahead.

Review your creditors, same as above make sure you have received all invoices from your suppliers and everything is accounted for, you don’t want to miss out on an expense.

Inventory and stock take, this is the time to review and adjust your stock to start the new year with a clean slate.

Check your logbooks, did you use the government immediate asset write off and bought a new car? Make sure you have a logbook completed. If you’ve kept an old logbook for 5 years, it’s also time for it to be updated.

 

3. Prepare your Strategy for the year ahead.

Now that your accounts are nice and clean it is time to prepare for the year ahead.

Review your numbers, understand where you performed great and where you need improvements, compare your business to others in the same industry using benchmarks and prepare a budget for next year.

Look at your business metrics such as debtor days, inventory turnover, profitability, and most importantly cashflow.

Take a time to review your software stack, is it time to implement or upgrade tools? What is new in the market and how can it help.

Take a time to familiarise yourself with the new rules. Changes to superannuation, minimum wages, single touch payroll, and director registers all will have an effect on this 2021-2022 financial year. Prepare and forecast the effect that these changes will have on your business.

If you need assistance or have questions on how to review, prepare or meet your deadlines, feel free to reach out.