The End of Financial Year has arrived

28th June, 2016

For many businesses, the End of Financial Year (EOFY) is the busiest time of the year. The start of the new financial year is filled with plenty of obligations – and now’s the time for businesses to get started.

With so many balls to juggle, including SuperStream, tax payments, record keeping for payment summaries and adherence to the new tax laws, businesses can’t afford to fall behind.

Thankfully, there are ways you can get ahead in the new financial year. MYOB customers who upgrade their software have access to a range of new features to start the new financial year ahead of the gap with a streamlined accounting system.

Using online accounting software to take care of GST, invoices, reporting expenses and payroll gives an accurate view of your cash flow and makes end of financial year obligations easier.

BAS lodgements

Make sure BAS lodgements and super guarantee (SG) contributions are accurate and up-to-date.

If your business is behind on tax and BAS payments, make sure that payment arrangements have been entered and complied with the ATO. Review the GST codes assigned to profit & loss and balance sheet items to ensure they are correct so that you are lodging accurate BAS statements.

PAYG payment summaries

Online accounting software like MYOB will allow the user to print PAYG payment summaries for their employees using either pre-printed forms available from the Australian Taxation Office or plain paper. MYOB software can also create a file containing the entity’s PAYG payment summary information as required by the ATO for electronic submission.

When you close a payroll year, all pay history amounts from the year you close are cleared from your company file, and your company file is prepared for a new payroll year.

Complete a stocktake

If you carry stock, your stocktake of inventory should be completed by 30 June.

If you have excess/missing/spoilt stock items identified from your stocktake, you will need to adjust your quantities in the stock module as at 30 June, to make sure it is reflected in the 2015/16 financial statements.

Collaborative work

We live in a digital age and with online accounting, work needs to be done no matter where you are. By using MYOB, you’ll be able to share your files with your accountant in real-time. No more manual file sending, and no more emails. Just simple, real-time collaboration over the web.

Please consult your accountant or tax adviser if you have any questions.

Make time for planning

To prepare for the financial year ahead, allow yourself time to plan.

Create or update your business plan, don’t lose sight of the big picture by getting caught in the detail. Your business plan is a strategic view of your business.

Plan your business financials as soon as possible into the new year. Know your targets and your key dates.