Five tasks that should be on your end of financial year checklist

Are you looking for an end of financial year checklist that can help prepare you for the tax season? The end of the financial year can be a stressful time for businesses. Getting your business’s finances in order is not often a small task!

That’s why you need a team of bookkeepers and HR consultants! We can help ensure your finances and policies are up to date and compliant with industry standards.

We’ve pulled together a handy end of financial year checklist to help you prepare as EOFY nears.

1 – Ensure that your records are up to date

It is vital to ensure that all financial reports and records are compliant with the Australian Tax Office (ATO). The ATO states that businesses must keep all records for at least five years.

Records include income and expenses, bank statements, payslips and records of any purchases made by the business.

If you struggle to keep track of receipts or invoices, we’re here to help. Our team can help with your financial management, ensuring that all reporting is accurate and efficient. Simply get in touch with our team to find out how we can assist.

2 – Understand the minimum wage increase

Mid-last year the Fair Work Commission awarded a 2.5 per cent increase to the minimum wage. However, unlike previous increases, this award increase was staggered over multiple months in 2021. This resulted in a huge headache for HR and those handling payroll.

The Annual Wage Review is set to be reviewed by the Fair Work Commission shortly, with any decisions due to commence 1 July 2022.

If you’ve had a hard time keeping track of the minimum wage increase, and how it effects your business – we can provide the guidance you need.

3 – Check your Business Activity Statement

Business Activity Statements (BAS) ensure that your business is on top of its taxes on a regular basis. BAS can help you report and pay:

  • GST
  • PAYG instalments
  • PAYG withholding tax, and other taxes.

Is your business behind on submitting BAS? Let us help get your lodgements back on track. We can also help you set up regular payment plans with the ATO.

4 – Check stock, inventory, and other liabilities

Does your business carry stock? If the answer is yes you will need to complete a stocktake inventory by 30 June 2022. This ensures that all stock is identified in your inventory and is reflected in your business’s accounts for the recent financial year.

Other liabilities that we recommend taking note of are gift vouchers, customer deposits and or laybys.

5 – Prepare your end of financial year checklist for next year!

It’s never too early to prepare for 2022-2023 end of financial year! And luckily we are here to help make processes easier for you for next year’s reporting.