Set yourself up for a new financial year

To stay compliant with our Australian Tax System, especially when preparing your EOFY return, there are several important tasks you should consider completing for your business and for yourself. So, to help you, we’ve put together a checklist of must-do tasks:

1. Review your financial records: Gather all relevant financial documents, including income statements, expense receipts, bank statements, and invoices. Ensure they are accurate and organised.

2. Lodge your business activity statement (BAS): If you’re registered for GST, you need to submit your BAS either monthly, quarterly, or annually, depending on your reporting obligations. Ensure you’ve completed and lodged all necessary BAS forms for the 22/23 financial year.

3. Reconcile your accounts: Ensure your financial records, including bank statements, invoices, and receipts, are reconciled with your electronic accounting system. Make sure you resolve any discrepancies and make any necessary adjustments before handing over to your accountants.

4. Work with your accountant to review and lodge your business and personal income tax return: As a business owner, you’ll need to lodge an income tax return for your business. Review your financial statements, deductions, and other relevant information, and seek assistance from your Larkin Partner accountant. Mak every effort to have us lodge your income tax return/s by the due date.

5. Organise your employee records: Ensure you have accurate and up-to-date records for your employees, including payroll, superannuation contributions, and PAYG withholding amounts. Lodge all necessary reports, such as finalising your payroll through Single Touch Payroll,  completing your Workcover Declaration of Rateable Remuneration form. 

6. Superannuation compliance: Make sure you’ve made all required superannuation contributions for your employees by the relevant due dates. Lodge Superannuation Guarantee Charge statements if any superannuation obligations were not met.

7. Capital Gains Tax (CGT): If you’ve disposed of any assets during the financial year, include these details with your workpapers for us so we know to include in your tax return. We will then calculate any applicable capital gains or losses and let you know.

8. Review and update your business structure: Assess your current business structure and determine if it’s still suitable for your business and personal needs. If required, sit down with us to consider potential changes or restructuring to start the new financial year off right.

9. Deductions and allowances: Review all eligible deductions and allowances for your business, such as depreciation, associated home office expenses, motor vehicle expenses, and other legitimate business costs. Ensure you have accurate records to support your claims. If you use a cloud based accounting program, attached the invoice or receipt to the transaction in your program. This will save time down the track if accountants need to see documentation.

10. Keep up with any relevant legislative changes: Stay informed about any changes in tax laws or regulations that may affect your business. We will consult with you and provide resources to assist you to stay up to date.

11. Talk to us and seek our professional advice: If you’re unsure about any aspect of your tax obligations or need assistance with complex matters, consult with your Larkin Partner tax accountant. We can provide tailored advice based on your specific circumstances.

Remember, this checklist provides general guidance, but individual circumstances may vary. It’s crucial to consult with us to ensure your compliance with the our tax system and to address any specific concerns related to your business and personal tax affairs.