paid<\/strong>\u00a0in the current year.<\/p>\nIt\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>\nStock<\/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>\nNormally 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}]}}