As we near the end of the 2017 financial year the Care Accounting team share a few tips to ensure that you end the year on a high and are ready to start 2018 in tip-top shape.
Ensure all bank transactions are reconciled. We will need copies of your bank statements covering 30th June 2017 so save a copy somewhere safe.
Review your accounts receivables and accounts payables to ensure that these accounts should still be outstanding. Consider paying accounts payables to reduce your taxable income in 2017.
Pay your Superannuation Payable balance outstanding to receive the tax deduction to the 2017 financial year.
Pay Company Tax
If you anticipate paying dividends this year, pay your outstanding company tax to ensure you have sufficient franking credits.
If you are required to lodge a Taxable Payment Annual Report, review your contractors details – address, email, ABN – and ask contractor for missing information. ABN Lookup can be a useful tool here!
Complete a stocktake of items on hand with their cost/value at 30th June 2017.
New & Old Assets
Make a note of all high-value assets and assets that were disposed of or broken through the year so they can be depreciated or written off appropriately.
Motor Vehicles – FBT
The fringe benefits tax year ended on the 31 March. Please ensure you have a valid log book for each motor vehicle, over 12 weeks, less than 5 years old, showing business use percentage.
If you process payroll for your business then check out our Xero payroll tips post that will include tasks to ensure payroll compliance.
As always the team at Care Accounting are available to answer any questions you may have so feel free to call us on 02 9970 7186.