End of Financial Year (EOFY) – it’s not just a time for businesses to maximise tax deductions; it’s a critical period for ensuring compliance and setting the stage for future success.
For many business owners, EOFY can be daunting, but with the right approach, it doesn’t have to be.
At Hopscotch Accounting, we understand the importance of navigating EOFY seamlessly. That’s why we’ve crafted this comprehensive checklist to guide small and medium-sized business owners through the essential tasks:
1. Review Recordkeeping Processes:
– Ensure all reports and records comply with the Australian Tax Office (ATO) requirements.
– Consider transitioning to paperless solutions for streamlined record-keeping.
– Leverage tools like Xero for effortless expense management and receipt tracking.
2. Check Your Business Activity Statements (BAS):
– Verify the accuracy and timeliness of your BAS lodgements.
– Arrange an ATO payment plan if needed to catch up on any outstanding obligations.
3. Prepare a Taxable Payments Annual Report (TPAR):
– Stay compliant by lodging TPAR by the deadline.
– Familiarise yourself with the expanded list of industries requiring TPAR reporting.
4. Finalise Payroll and Super Obligations:
– Utilise Single Touch Payroll (STP) for seamless reporting to the ATO.
– Ensure compliance with STP Phase 2 requirements.
– Reconcile payroll and superannuation contributions, and provide Income Statements to employees.
5. Taking Stock: Inventory, Assets, and Liabilities:
– Conduct a thorough stocktake and adjust inventory quantities as needed.
– Review and update asset registers, including plant and equipment.
– Assess liabilities such as customer deposits and gift vouchers for accurate valuation.
6. Complete Reconciliations for FY22/23:
– Verify all transactions against supporting documentation.
– Reconcile bank accounts, GST, PAYG withholding, and other financial accounts.
– Address any discrepancies and ensure proper allocation of expenses.
7. Prepare for FY23/24:
– Stay informed about upcoming changes in national wage rates.
– Update budgets and forecasts based on recent developments.
– Consider adjustments to pricing models and tax planning strategies.
– Evaluate policies, financing options, and business management systems for optimisation.
At Hopscotch Accounting, we’re committed to empowering businesses with the tools and guidance needed to thrive in today’s dynamic landscape. With our expertise and support, you can navigate EOFY with confidence and set your business up for continued success.
Don’t let EOFY overwhelm you – partner with Hopscotch Accounting and embrace a smoother, more efficient approach to managing your finances.
Contact us today to learn more about our services and how we can support your business journey.
For more information please contact Hopscotch today at 1300 HOP 123.
