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What to do to get ready for the EOFY

There is a lot to deal with at the end of the financial year, and while your tax return may not be due for some months yet, it is good business to get your 2019 records in order before you get stuck into the next tax year!

What records do you need to have ready?

  • Have you bought or sold assets? If so, you need full details of acquisitions and disposals.
  • Have you taken out a new loan or other finance? You must have details of the finance arrangements and statements of monies owing at 30 June.
  • Check that any bonds or deposits paid or received have been allocated correctly.
  • Have you prepaid for insurance or other large business expenses that need to be apportioned to the following financial year? Make note of the portion applicable to the current financial year.
  • Do you carry stock? If so, you need to perform a full stocktake at 30 June (unless you qualify for the simplified trading stock rules).
  • List any bad debts to be written off or pursued.
  • Do you have loans with related entities? You need to reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities.
  • Ensure that all payments to company directors have been correctly captured.
  • Review your debtors and creditors (accounts payable and receivable). Is the list current and accurate?
  • If contact details of business owners and key personnel have changed let us know.

There may be other matters to discuss such as capital gains, vehicle usage, private usage apportionment or superannuation.

Remember you need to keep all your business records for seven years, so store everything securely and where possible electronically for safety and ease.

Make an appointment with us now to schedule in your tax return for prompt lodgement Book In Online Here.