Getting Ready for EOFY
End of Financial Year (EOFY) is fast approaching! Are you ready?
We have compiled a list of bookkeeping considerations for you as we draw closer to June 30. Please don’t hesitate to get in touch with one of our local bookkeepers should you need assistance getting prepared for EOFY.
Have you purchased any assets under $30,000 this year where you have not provided us with the paperwork? Remember, due to COVID-19, the asset write-off scheme was extended to $150,000 from 12th March to 30th June.
Have you paid cash for any business expenses where the receipts have not yet been provided to claim?
1. Do you have any unpaid wages that have been processed via payroll? If so, these should be paid; alternatively, please advise your bookkeeper to remove.
2. Do you intend to pay any employee bonus or associated employee bonus? If so, these need to be processed and paid before 30th June.
3. Now is also a good time to start reviewing employment contracts with your employees. Do you have contracts in place? When were they last reviewed / updated?
Are your employee contact details all up to date?
1. You will receive the tax deduction once paid. So, you should consider paying Qtr 4 (April – June) before 30th June if your payroll calendar permits, and there is enough time to process through the super clearing house, or month of June if monthly.
2. Do you wish to make any voluntary super contributions?
Do you need to write off any unpaid sales invoices to bad debts?
Do you have any bills that should not be sitting on your Aged Payables Report? Are there any bills that you believe have been paid – but not cleared?
Now is also the time to make sure your supplier details (Legal name, ABN, Address) are all up to-date in the accounting software, especially with regards to lodging TPAR reports.
If you have stock, you should be looking to value your closing balance and any amounts to write off as at 30th June.
Have you provided your odometer reading on vehicles at 1st April? Has your accountant prepared your FBT for company vehicles declaration?
Would you like to review your current year to date reports with us before 30th June? Would you like to prepare a budget for the coming financial year?
If so, please send us an email and we will arrange this for you.
Click here to download a Monthly Cash Flow Forecast Template.
The End of Financial Year doesn’t need to be a stressful time! If you can get organised ahead of time and communicate with your accountant and/or bookkeeper about what they need for your returns, your EOFY preparations won’t seem so daunting as we near closer to June 30.
Justine Day: Southern Highlands / Bowral Bookkeeper
Amanda Graham: Southern Highlands / Bowral Bookkeeper
Petra Austing: Southern Highlands / Bowral Bookkeeper
Karin Evans: Gold Coast Bookkeeper
Pru Hall: Wollongong Bookkeeper
Jackie Short: Canberra Bookkeeper