Are You Ready For EOFY?

Regulatory requirements that small business owners are required to complete before the end of the financial year. 

With the end of financial year fast approaching, small business owners should start to think about what they need to do by the end of June, but don’t leave it until last minute. Start now to make sure you meet all regulatory requirements and minimise stress leading up to EOFY. The below tasks are required by law to be complete.

To Do List for Small Business Owners

• File an income tax return – your accountant will need a variety of financial information including profit and loss statements for the financial year, a bank report, balance sheet, general ledger report and more.
• You will be required to complete your annual Business Activity Statement (BAS) by the end of June.
• Companies must submit an Australian Securities and Investment Commission annual report.
• You will need to reconcile your payroll and provide PAYG withholding payment summary annual reports to your employees by the due date in July.
• Think about whether you may be over the threshold for payroll tax.
• Workers’ compensation insurance – Get all of your insurance requirements in order and review the policies you have in place. Take time to forecast projected wages and salaries for the coming financial year. See if there are any problematic exclusions in your workers’ compensation cover.
• Superannuation payments need to be taken care of monthly, including the months of June and July.
• Some businesses will need to lodge a Fringe benefits tax return. If you are not lodging this return, make sure that you have not overlooked any relevant transactions and that all necessary employee contributions are made.
• Review staff salaries and ensure they are in line with relevant awards.
• If your business receives any government grants, ensure that you are still meeting the required guidelines for those grants.

If you need help with anything on your to-do list at tax time, contact Acumon today on 4931 1100