The end of the 2019/20 Financial Year is fast approaching and we are going to provide you with a checklist and guidance to help you to meet all of your reporting obligations to make the Tax Man happy.

Every business day leading up to the end of Financial Year we will provide you with the details from the following list of how you can make sure that you tick all the EOFY boxes.

Profit and Loss Statement – that is a summary (taken from your carefully kept records over the financial year) of all your income and expenses for the past 12 months.

Stocktake – list every item of stock on hand and balance it to what has been sold.

Summarise debtors and creditors. All details of what your business owes and what it is owed will need to be organized and reconciled with the total figures showing in your Balance Sheet.

You will need to collate all your capital expenditure data to calculate depreciation expense and for capital gains tax purposes.

Completing and lodging tax returns happens at this time.

Yearly reports such as:

• PAYG withholding,
• Fringe benefits tax and
• Goods and services tax

You need to meet Superannuation obligations for your staff.

We will also do an in-depth look at what you can and can’t claim after working from home during the COVID-19 crisis.

Think Accountants are here to help you with all your End of Financial Year needs and all the information to make sure you sail through this time with the greatest of ease.

Now is also a good time to think about business planning for the upcoming financial year. This will be particularly crucial to ensure our business viability as we come out of this pandemic – we can help with that too!

Call Think Accountants today to organise an appointment to discuss bookkeeping and accounting for your business for the end of this financial year and for the upcoming financial year. Start off on the right foot!