The most important subject at this time of the year is tax, yes, its tax time.... with the Business Activity Statement ("BAS") due on 28/7/08.
Businesses registered for GST
1. On a cash basis you can start working on the books as early as 1 July. It's no excuse not too! You have all information; money received and paid up to 30 June is available instantly.
2. On accrual basis you might have to wait a bit longer to receive invoices related to the month of June.
The Office Witch suggests that you be proactive and contact your suppliers to speed up their invoicing procedure. The same advice applies to your billing habits.
Once all information is in and the bank statements reconciled, credit card and petty cash payments recorded, you are ready to finalise the BAS.
I suggest to check data from previous periods, (July 07-March 08), so if you made a mistake a final adjustment can be made on your BAS before you send it to the Tax Office.
Businesses with employees
After processing the last pay cheque you can finalise your payroll figures. Remember, you must give your workers a payment summary by 14 July.
You have to submit PAYG withholding annual reports to the Tax Office by 14 August 08. This report is information about payments to payees who received wages, salaries or other work-related payments. There are two methods of reporting, electronically or in paper form.
Superannuation payments must be made by 28 July.
I suggest checking the data on the workers payment summary against your PAYG instalment amount section of your BAS before you send it to the Tax Office.
It is very important especially at the end of the financial year to:
- Reconcile your bank statements.
- Reconcile your accounts payable.
- Reconcile your accounts receivable.
- Reconcile your inventory.
If it's all been done then you are ready to send your BAS to the Tax Office and you can send your information to your accountant.
Hopefully you don't have to do all this yourself as you should have a capable person, a book keeper, to do it for you. This gives you more time to spend on growing the business and increasing profits!!!!
If you need help with end of financial year procedures or other operational matters please contact The Office Witch on 0413 353 938 or e-mail to info@theofficewitch.com.au
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Last week, I was doing some work for one of my clients who is a builder preparing end of financial year accounts. As I went through his bank statements I asked him some routine questions about his deposits. 
