Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
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.
EOFY Review open bills
Review your accounts payable for accuracy, are there bills sitting there that you know are paid?
Single Touch Payroll mandatory for ALL employess
From 1st July all employers will need to report wage details (gross wages, PAYG withholding and super) for ALL employees using Single Touch Payroll (STP) enabled software.
Reporting exemptions for closely held employees (owners and their families) will expire on 30th June 2021.
STP reporting removes the need to create group certificates or payment summaries – data is reported to the ATO throughout the year and employees can view it at anytime in their MyGov account.
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.
Headache Awareness Week
Are you aware of what causes your small business headaches?
We’ve owned this small business since 1997 – lets just say we’ve suffered a headache or two over the years!
What is troubling you most this week?
Take 5, grab a cuppa and give us a call to see if our bookkeeping support is the right remedy for your small business headache.
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.
Donut Day
Hey small business owners
Donut forget to celebrate the wins!
Its easy to get bogged down in the day to day monotony of running a business, donnut forget to stop for morning tea and a celebration – no win is too small to acknowledge.
EOFY Owe money to your business?
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.
Leave The Office Early Day
Are you still here?
If you’ve still got too much crap to do, it sounds like time to delegate.
Well maybe start that tomorrow.
Go home! Call us tomorrow for help (we’re going home early today)
EOFY Review your position
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.
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