Checklist for June 30th: essential business tasks.
We’re already halfway through June, which means time is running out when it comes to ticking off those business essentials for the end of the month — and the end of the financial year. This is a crucial period for businesses as they prepare for the new financial year — it’s particularly hectic for business owners who juggle multiple responsibilities (such as owner operators). We’re here to help!
Why June 30th is a busy time for business owners.
For business owners, the lead-up to June 30th is often filled with various administrative and financial tasks that need to be completed to comply with legal and regulatory requirements. The volume and mental load of these tasks can be overwhelming, especially when combined with the day-to-day operations of running a business.
From reconciling accounts to finalising payroll details, the to-do list seems endless. This checklist is designed to streamline these tasks, making it easier for business owners to navigate this busy period and ensure nothing is overlooked.
Essential tasks to prepare & complete.
By following this checklist, business owners can break down the end-of-year process into manageable tasks. This not only helps in ensuring compliance with tax and payroll regulations but also allows for better financial planning and strategic decision-making. Utilising a checklist can significantly reduce stress and the potential for errors, giving business owners more time to focus on core activities and growth strategies.
1. Wages Reconciliation
- Ensure all wages are correctly paid and reported through Single Touch Payroll (STP).
- Verify that wages are accurately reflected in your Activity Statements that have been lodged with the tax office.
2. Single Touch Payroll Finalisation
- Complete STP reconciliation with the Tax Office by July 14th.
3. Superannuation Reconciliation
- Ensure all superannuation contributions are correct and paid by July 28th (at the latest).
4. Superannuation Payments
- Make superannuation payments for staff and additional contributions by June 25th to claim the tax deduction for this financial year.
5. Private Use/FBT Calculations
- Perform final calculations for private use and Fringe Benefits Tax (FBT) for the June 30th BAS return.
- Reconcile private use on vehicles and other assets, including these as contributions in the BAS.
6. Bank Reconciliation
- Complete bank reconciliations for all accounts and credit cards as of June 30th.
7. Stock Take
- Conduct a thorough stock take on June 30th.
8. Owners Drawings Review
- Review any owner’s drawings from the business and ensure they are repaid before June 30th.
9. Bonus Agreements
- Establish bonus agreements aimed at tax minimisation based on financial targets.
10. Annual Contractor Payment Summary Statements
- Prepare and complete these statements by August 28th if you pay contractors in certain industries.
11. Planning for 2024/2025
- Conduct comprehensive reviews of business performance.
- Create budgets for the new financial year.
- Set strategic plans and goals for the upcoming financial year.
Do it right the first time.
It’s important all these tasks are done correctly and on time. If you need assistance, Ascent Accountants are ready to provide tailored solutions. Contact us for support with reconciliations, form preparations, and other vital end-of-year tasks.
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