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Advice from Outside the Square

30 June and the New Financial Year – Things To Do

30 June and the New Financial Year – Things To Do

As we approach the close of the 2016/17 financial year and the opening of the new financial year, here is our checklist of things to do for tax and business “common-sense”.

Tax Planning Strategies before 30 June

  • Defer invoicing if you are a non-Small Business Entity taxpayer
  • Defer receipt of income if you account on a cash basis
  • Write off bad debts
  • Pay Super Guarantee (SG) before 30 June to obtain a tax deduction in the 2016/2017 year even though not due to be paid until 28 July 2017
  • Make additional superannuation contributions up to your aged based limits before 30 June 2017
  • Prepay expenses for up to 12 months (Small Business Entity) or up to $1,000 (non-Small Business Entity)
  • Make tax deductible purchases such as accounting software and travel expenses before 30 June 2017 (Small Business Entity taxpayers must also physically pay these expenses)
  • Purchase and be using/have installed ready for use before 30 June 2017 business assets <$20,000 + GST (Small Business Entity taxpayers) or < $300 + GST (non-Small Business Entity taxpayers)
  • Pay staff bonuses
  • Pay directors’ fees or dividends
  • Adjust owners’ wages if necessary to obtain a more attractive tax outcome

Tax and Business Common Sense “Things to do” before 30 June 2017

  • Ensure that your accounting file is up to date and reconciled
  • Determine your year to date (YTD) profit or loss
  • Determine how much tax you will need to pay
  • Implement tax planning strategies to reduce this tax
  • Implement cash flow strategies to pay predicted tax when due
  • Work on your goals and vision for the 2017/2018 year
  • Prepare your 2017/2018 expense budget
  • Prepare your 2017/2018 sales budget
  • Prepare your 2017/2018 break even sales levels
  • Prepare your 2017/2018 schedule of fees/prices that will take effect from 1 July
  • Determine your level of wages, tax and superannuation that will take effect from 1 July
  • Prepare your annual trust income distribution minute if you operate your business via a trust
  • Prepare for stocktake

Tax and Business Common Sense “Things to do” after 1 July 2017

  • Prepare 2017 payment summaries and provide to employees by 14 July 2017
  • Prepare ATO payment summary report and submit to the ATO by 14 August 2017
  • Pay Super Guarantee (SG) for the quarter ended 30 June 2016 by 28 July 2017
  • Prepare ATO taxable payments reports and submit to the ATO by 28 August 2017
  • Collate paperwork for your 2017 tax

If you want to know more, go to our website at www.otsmanagement.com.au and click on the Contact Us link.

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