Don’t get caught in the EOFY rush. Take these steps now!
Fiona McKinlay • May 23, 2019
It’s May again — June approaches, and with it the end of the financial year and all that entails.
It’s May again — June approaches, and with it the end of the financial year and all that entails.
Bookkeeping, tax returns and planning for the new financial year loom large, and however hard you’ve worked you feel disorganised, especially when you wake up at 4am — what did you do with all those records and receipts?
Questions to panic over
- Are debtors and assets written off?
- Are there any unclaimed tax deductions?
- What about record keeping and compliance?
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
Ignorance is not bliss
- How is it possible to be sure of obligations?
- Are there deductions for your new website?
- For your car?
- Travel expenses?
- Computers?
- Have you used the ATO’s mydeductions app to record your expenses during the year or their small business newsroom?
- Is your tax agent registered with the Tax Practitioners Board (TPB)?
Scams, more doubts and decisions
There are tax refund scams too, which target small businesses at this time of year. And, speaking of targets, did you meet yours, and can you create a cash flow forecast?
Have you had time to review your goals, priorities, opportunities and strategies?
Do you wish to restructure?
There are different compliance and taxation regulations depending on your business structure. Have you time to read about the tax differences between a sole trader and a company structure?
Have you got the right insurances in place or should they be updated?
Don’t assume you’re covered. Do you need an insurance broker? Are your files backed up and secured?
You know, we can save you the usual panic and have all the figures ready in time, as well as the complete financial records you need. Reliable Bookkeeping Sunshine Coast services by Balanced Bookkeeping and Business Solutions.
With so many great software options including XERO, MYOB and Reckon. It’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts. Ask us how we can help you today.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.
The fact is the Australia Goods and service tax, while it’s not going to just go away, has been around for a long time and people are still getting it wrong when they are doing their books.