Financial Year-End Check-list for Small Business
Financial year end is approaching. It is a busy and important time for small businesses; the time when financial reports take scrupulous attention to details. Compiling financial reports basically involve the process of closing books/accounts, making financial statements, and paying your tax obligations. There is a lot of hard works in, but it does help to keep your business organized and make better plans for the upcoming year. Here are some of the most important tasks to complete for EOFY (end of financial year) reporting.
- Reconcile your bank accounts
Year-end statements and book balances need to be equal. If you are entering every number by hand without using any computation process, make sure that all credit cards, bank statements, and money are properly reconciled. Even when you are using accounting software, it is best to double-check.
- Income tax assessment
Small businesses receive notice of assessment after they lodge their tax returns. Notice of assessment declares the amount of tax you must pay, due date for the payment, and your payment reference number. Remember, you need to lodge to get the notice.
- PAYG payment summaries
You must provide payment summaries to your employees no later than 14 July. The form provides detailed outline of all the payments you made during the current financial year including information about the amounts you withheld. Once the form is completed, you need to send it to ATO by 14 August. Note that you must send the original form for scanning. There can be mistakes in the payment summary due to various reasons; you must provide an amended payment summary in case one or more of the following points are incorrect:
- payment amount
- amount of tax withheld
- payment codes
- Reconcile GST and Payroll Tax
At the end of financial year, you will be required to complete a tax form known as BAS (Business Activity Statement) containing information about GST collected on sales income. GST is also payable if you have taxable supply. Another important thing is to reconcile payroll tax; the purpose is to make sure that there will be no changes to make to the payroll figures in the original calculation. State Revenue Office requires you to review whole year (including June) financial statements to calculate payroll tax payable annually and deduct the June payment from the total amount.
Contact 360 Accounting
End of financial year statement requires great deal of attention and best left to professional bookkeeper or accountant. Not all small business owners, however, can afford to hire full-time professional to handle the bookkeeping tasks. provides consultation, advice, as well as accounting services to take care of your bookkeeping needs. We cover data entry/bank accounts reconciliations along with the entire range of related tasks including financial statement preparation. We are here to help you during accounting difficulties so you can focus on what you do best, developing your company.