{"id":1995,"date":"2018-06-25T16:55:36","date_gmt":"2018-06-25T06:55:36","guid":{"rendered":"https:\/\/cruzandco.com.au\/?p=1995"},"modified":"2018-06-25T11:16:39","modified_gmt":"2018-06-25T01:16:39","slug":"last-minute-tips-financial-year","status":"publish","type":"post","link":"https:\/\/cruzandco.com.au\/last-minute-tips-financial-year\/","title":{"rendered":"Last Minute Tips This Financial Year"},"content":{"rendered":"

By:\u00a0Pam Madytianos<\/strong><\/p>\n

\"\"<\/a>Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it\u2019s a great opportunity to get your business in shape.<\/p>\n

Here\u2019s your list of things to tidy up this end of financial year.<\/p>\n

Six\u00a0ways to maximise deductions<\/h3>\n

1. Expenses<\/h4>\n

Make sure that all the expenses relating to this financial year are entered into MYOB.<\/p>\n

It\u2019s good practice to reconcile supplier statements against the bills in the system.<\/p>\n

If you\u2019re a cash-based business, then you should pay as many suppliers as possible.<\/p>\n

2. Bills and invoicing<\/h4>\n

Look at your outstanding invoices. Are there any there that can be claimed as a bad debt?<\/p>\n

See if there are any bills in the system that are not truly owed \u2013 for example, bills that have been double entered.<\/p>\n

You should also look at your debit notes and make sure they\u2019re true and applied to the relevant bills.<\/p>\n

3. Asset purchases<\/h4>\n

Make sure your accountant knows of any asset purchases during the year, and flag any that were under $20,000.<\/p>\n

Check that your accountant is aware of asset purchases from prior years, so that depreciation can be claimed.<\/p>\n

4. Superannuation<\/h4>\n

Make sure that superannuation is paid \u2013 you can only claim superannuation that is\u00a0paid<\/strong>\u00a0in the current year.<\/p>\n

It\u2019s a good idea to get the June superannuation owing off to the super clearing house before 30 June.<\/p>\n

5. Any loans on the books?<\/h4>\n

If you have financial institutions\u2019 loans, make sure you have seen a statement for the year. Enter the interest expense and reconcile the account.<\/p>\n

6. Get your accountant involved<\/h4>\n

Get your accountant to look at your file too, as they often have good suggestions.<\/p>\n

 <\/p>\n

Other tips for an EOFY spring clean<\/h3>\n

Stock<\/h4>\n

If you carry stock, then the end of June is the time to do a stocktake.<\/u><\/p>\n

If you\u2019re carrying old stock, June is the time to think about the best way to move it.<\/p>\n

If you can\u2019t move the stock, then think about writing off any old or obsolete stock.<\/p>\n

Don\u2019t forget to keep your stocktake records as your accountant might ask for them as justification for claiming the expense.<\/p>\n

Reconcile<\/h4>\n

Reconcile your bank and credit card accounts as at 30 June and keep the reconciliation reports.<\/p>\n

Many accountants ask for your statements and match them to the reconciliation reports.<\/p>\n

Now\u2019s the time to look at your bank and credit card reconciliations to see if there are lots of unreconciled transactions.<\/p>\n

There may be duplicates that need to be reversed, or maybe you just aren\u2019t up to date with your reconciliations.<\/p>\n

Does everything look right?<\/h4>\n

Run your eye over the accounts and make sure that balances look sensible.<\/p>\n

If you have clearing accounts, then the balances should be zero.<\/p>\n

If you have reconcilable accounts like staff loans, PAYG payable, GST payable, Super owing payable or leases, then get them reconciled.<\/p>\n

Payroll<\/h4>\n

Have a look at your payroll for the year.<\/p>\n

Have you exceeded the Payroll Tax threshold for your state?<\/p>\n

If you have, make sure you\u2019ve registered and reported your payroll tax as there are hefty fines for getting this wrong.<\/p>\n

Workcover<\/h4>\n

The same applies for Workcover.<\/p>\n

Is your estimate for your wages for the year realistic?<\/p>\n

If your estimate is too far out, Workcover will impose fines.<\/p>\n

 <\/p>\n

Source: MYOB<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By:\u00a0Pam Madytianos<\/strong><\/p>\n

Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it\u2019s a great…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":""},"categories":[3],"tags":[108,35,23],"acf":[],"_links":{"self":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1995"}],"collection":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/comments?post=1995"}],"version-history":[{"count":1,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1995\/revisions"}],"predecessor-version":[{"id":1997,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/posts\/1995\/revisions\/1997"}],"wp:attachment":[{"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/media?parent=1995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/categories?post=1995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cruzandco.com.au\/wp-json\/wp\/v2\/tags?post=1995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}