End of Financial Year Review – Some suggestions below to assist you get ready for the 30th June
Review Profit & Loss to end April / May – Check with your accountant on how you are tracking for the financial year. This can assist in planning for shortfalls or increased PAYG installments on profits.
Review Superannuation paid – Discuss with your Accountant the effects of the latest budget on superannuation (and consider the overall effect of the budget on your business). Enure your superannuation is paid before 30 June to obtain tax deduction in FY2016 (otherwise – MUST be paid by 28 July to get deduction in FY2017)
Review your Fixed Asset register. Remove obsolete or defunct items. Review and consider your business’s cashflow for additional tax deductible pre-30June purchases.
Review all your Insurances – do they still meet your requirements? If so, prepay this expense if possible to benefit from a tax deduction.
Review your income tax and integrated balance account with the ATO – and try and pay any monies owed to the ATO by the 30th June
Complete any software upgrade/changes / updates necessary to ensure uninterrupted work flow and business continuity.
Where applicable consider any staff training that needs to be done in terms of continuing professional development or annual accreditation. Renew any memberships or subscriptions.