End of the financial year brings with it some extra once a year tasks for business owners.
I love checklists, make a bit of time available to think about what those extra tasks might be in your business and write them down. This is the start of a small plan that can remove some stress and it’s rewarding when you start seeing the completed jobs ticked off.
- Suppliers, check and pay where possible by the 30th June.
- Customer accounts, send out reminders and statements before 30th June.
- Award rates increase by 3.3% and apply from the first pay period in July.
- Issue employee Payment summaries (often called group certificates) by the 14th July.
- Payroll tax, complete annual reconciliation by 21st July.
- Superannuation guarantee payments for all of 2016-17 due by the 28th July.
- Payg annual statement, send to the ATO by the 14th August.
- Taxable payments reporting for the building & construction industry due by the 28th August.
Simpler BAS GST reporting starts from the 1st July if your annual GST turnover is less than $10 million. Your bookkeeping entries will become ‘does it have GST on not?’
Moving to simpler BAS bookkeeping is optional, so if your business benefits from detailed GST classifications you can keep using them.