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.