For Australian businesses, June 30th is the last day of the financial year. Businesses need to complete accounting, bookkeeping and tax returns to finish the financial year, while begin planning for the new financial year ahead.
Record keeping and compliance important tasks include
- Income and expenses summarized
- IStocktake completed
- IDebtors and creditors summarized
- IRecords of asset purchases or expenditure on improvements summarized so depreciation expense claims and capital gains tax can be calculated
- Income tax returns completed
- PAYG, Fringe Benefits Tax (FBT) and Goods and Services Tax (GST) reports lodged
- Superannuation requirements met
Helpful tips include:
- Look at what tax deductions you can claim
- Use a registered tax agent
- Familiarize yourself with any tax changes due to start in the new financial year
- Review your business finances
- Review your business plan and structure
- Review your business Insurance
- Ensure files are backed up and secure
If you are unsure about your obligations, visit the Australian Tax Office, call the ATO on 13 28 66 or talk to your tax professional.
