The calendar has ticked over into the 2014/2015 Financial Year and for business, July is the time to make sure you've properly closed off last year.
Here is an essential check list for you to ensure you don't let last year overflow in to 2014/2015:
- Reconcile your GST control account.
- Does the income declared in your BAS for the last year reconcile to your annual income?
- Check that the minutes for all director and trustee resolutions pre June 30 are documented and signed off.
- Make sure that your stock take has been completed and documented.
- If you have paid management fees to a related entity during the year, ensure that all of the tax invoices have been documented and that there is a reasonable commercial basis for the charges applied.
- Where dividends have been declared to manage Division 7A loan payments, ensure that there are letters of instruction on file that the dividend is to be credited against the loan account. Dividend statements still need to be completed.
- If you have cross border related party transactions make sure you have your transfer pricing file completed with all of the requirements signed off.
- Review all contractors for the year going forward to ensure that they would not be deemed to be employees.
- Get your operating budget completed for the year.
- Get your cash flow budget in place.
- Check the adequacy of your funding arrangements with your bank.
- Check that you meet any loan covenants that you have with the bank at June 30.
- Make sure your wages are reconciled: reconcile the wages from your profit and loss statement to the PAYG Payment Summaries, also to the amounts in the Activity Statements and also to the Payroll Tax Returns (if applicable)
If you need help ensuring the 2013/2014 Financial year is properly squared away, please contact your client manager on 02 9957 4033 or via email.
Want to keep up to date with tax news for small business? Follow batescosgraveCA on Linkedin, Google+ or Twitter
Last updated July 2014. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.