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So 30 June has passed, its now time to finalise EOFY and handover to your BAS Agent and or Accountant. Here are the next steps for your review/action.

 

XERO TIP – save all documents in Files for easy collaboration & archiving

 

Bank, Loan and Credit Card Statements

Provide a copy of all bank, loan and credit card statements for June.  Even if there is a bank feed, a full and proper statement is required for EOFY. Provide details of petty cash transactions and balance at 30 June.

 

Stocktake

Provide a Closing Stock figures and details of any stock adjustments, wastage and/or write-offs.

 

POS & Other apps

If using a POS System or other app provide a full financial year summary report for reconciliation purposes.

 

Additional June Lodgements

There are additional lodgements for the June Quarter. Please ensure prompt responses to any queries or requests. This may include:

• Annual STP Finalisation and lodgement.
• Portable long service leave lodgement
• Tax Payments Annual Report (TPAR), including all contractor details.
• Quarterly Superannuation reporting (if not completed prior to June 30).
• Payroll Tax annual lodgements and reconciliations.

 

Payroll

Provide details of any pay rate / award changes for the new year.

If you process your own payroll:

• Download the latest Pay Guide for your award and update any changes to rates. Also check award for any award updates.
• Ensure the Super Guarantee Rate is updated if required – this is effective from the very first pay in the new financial year (regardless of the pay period).
• Ensure any new tax rates are enabled in your software.

 

Accounts Receivable / Payable

• Advise invoices to be written off as bad debt or paid via cash, contra
• Confirm when 2022 sales are finalised
• Check purchases / bills outstanding, confirm balances are correct to supplier statements, chase invoices for PO’s issued, ensure all bills are in Hubdoc/Xero/MYOB regardless of whether they have been paid or not
• Reconcile bank (if you DIY)
• Provide receipts for any expenses paid privately that need to be claimed on the business
• Advise WIP balance – convert WIP balance to progress payments at 30 June if applicable

 

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.