Now is the time to start planning for the New Financial Year and there a few important things that need to be done first. We have prepared a list of these important things to help you get started:
THINGS TO DO TO PREPARE FOR A NEW FINANCIAL YEAR
MYOB & QuickBooks clients
- Prepare your payment summaries – check to ensure the payroll reports, gross payments, tax and superannuation amounts are correct and that these match your profit and loss statement and balance sheet figures.
- Save your EMPDUPE file – Forward to us for lodgement with the ATO
- Start a new payroll year – this process closes the 2013 year, archives the transactions and this enables you to start paying your employees their 2014 income.
- Update your software – Apart from the changes to the tax tables and the superannuation guarantee %, updating your software fixes any issues and provides you with any enhancements
- Ensure the super guarantee % has changed to 9.25%
- Hand your payment summaries to your employees by 14 July
- Send your Payment Summary Annual Report to the ATO by 14 August – ensure the totals on the report actually agree with the totaled payment summaries. Attach the ATO copy of the payment summaries to the report.
- Start a new wages book – your wages records should be separate for each financial year.
- Super guarantee % change – make sure you now use 9.25% in your calculation for superannuation guarantee payments.
- Pay your outstanding Super Guarantee amounts – this must be paid by the 28 July to meet your superannuation obligations.
- Taxable Payments Annual Report or Contractors Reporting – new for this year: Any payments by businesses in the building and construction industry to sub-contractors must be recorded on this report. This report must be lodged with the ATO by the 21 July; if you ask us to lodge on your behalf the date is 25 August.
INFORMATION TO START COLLECTING FOR YOUR TAX WORK
We will need this information when we start your preparing your financial statements and tax returns. If you start collating it now it will save time in the future:
- copies of invoice for any new asset purchased
- copies of finance agreements and statements for any new loans
- copies of sale contracts for any assets sold, include any solicitor letters or notices
- payment summaries
- details of all private medical expenses
- annual Medicare summary – you will need to order this
- private health insurance statement
- private health insurance yearly summary – you will need to order this
- odometer readings for all motor vehicles – to claim any deductions
- bank account details – including BSB and account number. The ATO now will only pay refunds directly into your bank account.