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.
Review your accounts payable for accuracy, are there bills sitting there that you know are paid?
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.
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.
Speak to your accountant about potential division 7A issues & tax consequences of loans to associates
If you cannot repay your business you’ll need to look at a formal loan agreement, your accountant can help you. Don’t get caught by deemed wages.
Get your date file up to date, process everything still outstanding so you know exactly where you stand.
There is not a lot of benefit spending more money, if you are already in a loss position. If you are in a surprise profit situation, it would be good to know before its too late to take action.
To qualify for a tax deduction in the 2021 financial year,
or
if you are managing your super cap, super contributions must be received (by fund) by 30th June
The usual deadline of 28th July still applies for June quarter super if you are not chasing the tax deduction or maximising your super cap.
To qualify for a tax deduction in this financial year,
April-June super contributions must be received (by fund) by 30th June.
If you haven’t already, you need to make this payment now.
If your cashflow won’t allow for this, the usual deadline of 28th July still applies.
There are just 13 days left this financial year – panic!!!!! Or you could keep calm and upgrade to Xero. We recommend Xero to make your end of financial year easy. No need to rollover your file – so no loss of data. No need to start a new payroll
Don’t forget to reconcile your payroll accounts and then provide group certificates (or individual non-business payment summaries – it really rolls of the tongue, doesn’t it?!) to your employees by this Friday 14th July. Make sure you have permission (in writing) from your employees to send them by email, otherwise
