Category: EOFY

2021 Payroll finalisation

STP finalisation for staff is due by 31st July – make sure you reconcile your payroll accounts BEFORE you press the button.
If we manage the whole payroll shebang for you, we have reconciled your accounts and need your permission to finalise – make sure you review and sign.
If we are supporting you, but you are the STP submitter for your business, we have sent you instructions on how to finalise.
Who? What? When? Where? Why? Reach out if you need a hand to sort out your payroll!

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2021 STP finalisation – Deadline extended

Remember how Group Certificates / Payment Summaries have been phased out and Single Touch Payroll (STP) has taken over?
Its now time to reconcile your payroll accounts and finalise income statements for your employees. You have until 31st July 2021.

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Streamline Management wrap up the quarter, wrap up the year

30th June 2021

It’s the last day of the quarter, and the financial year
what do you need to do today?

For cash reporters – payments made today will count as credits on the June BAS, and as deductions this year,
make the payment tomorrow and its a credit on the next BAS and a deduction next financial year.
* conditions apply (its gotta be a business expense!)

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Group certificates for staff

Shortly your staff may ask you for a Group Certificate/Payment Summary. Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system. An annual ‘STP Finalisation’ to the ATO by 14th July. Staff will be able to access details in their MyGov account. Personal tax

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Streamline EOFY DIY

EOFY DIYer

Reconcile EVERYTHING.

Pay particular attention to payroll.

Do your (paper) bank statements match your accounting file?

Lodge:

STP finalisation for staff wages
BAS
Tax Return (you absolutely will need licenced help for this one)

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EOFY cash reporting

If you are still reporting under the Simplified Tax System, you may be able to prepare your tax return on a cash basis (sales income received and bills paid, not sales issues and bills received). Paying a bill on 30th or 1st July can make a difference to your situation.

If you report on an accrual basis – a bill dated in June but not yet paid will still be considered an expense in the 20/21 year.

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EOFY review open sales

Tidy your accounts receivables to start the new financial year, review all open sales and chase up the slow payers.
You may need to issue credit notes or write off sales that you will not receive payment for.

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EOFY Review wages

If you’ve tipped over the payroll tax threshold this year, you’ll need to register and make payments.

Check the rules in each state you operate in, certain contractor payments may be included in wage calculations.

Be aware of entity grouping.

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