Wrap up the old, prepare for the new!

Posted on July 14, 2017
by Phil Grant in Business Advisory Blogs
Home / Blogs / Wrap up the old, prepare for the new!

It’s important to set yourself up ready for the new financial year – which has already begun! So to make it easier and ensure you have covered all areas, I’ve prepared a list of what to tie off from the old financial year (2016-17) and last minute tasks to make sure you are ready to take on this new financial year (2017-18).

Old Financial Year

  • Issue PAYG payment summaries to employees – this must be done by 14 July
  • Lodge annual PAYG payment summary to ATO – this must be done by 14 August
  • Payroll tax reconciliation (if applicable) to OSR – this must be done by 21 July
  • Taxable payments annual report (only applicable to business in building and construction industry) to be lodged with ATO – this must be done by 28 Aug
  • Reconcile accounting software program and notify your friendly BLG contact to let them know it’s ready!

New Financial Year

  • Ensure all payroll systems are updated if manual updates are required (usually hosted or online programs are already updated)
  • Prepare or update budgets for the upcoming year
  • Prepare or update cashflow forecasts for the upcoming year
  • Review staffing levels to ensure levels are appropriate for your needs going forward
  • Review systems/processes to ensure appropriateness/efficiency
  • Review potential new opportunities
  • Research new technologies that could improve your business
  • Consult your friendly BLG adviser for any advice!

Get in touch with BLG Business Advisers to discuss your requirements this financial year either online or by calling (02) 4229 2211.

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