Are you ready for 2016/17?

July 2016

As the new financial year gets underway, many business owners are planning for the year ahead while using the relative quiet of July to review their business performance and close off the previous financial year. 

We've prepared a handy checklist for you and your team to ensure you close off the year properly. As always, please contact us on 02 9957 4033 if you need any support in finalising your accounts or if you'd like to get started 2017. 

Income and Expenses
  • Have you reconciled your GST control account? 
  • Have you reconciled income declared in your BAS with your annual income?
  • Are your minutes for all director and trustee resolutions pre-30 June documented and signed off? 
  • Has your stock take been completed and documented?
Management Fees
  • If you have paid management fees to a related entity during the year, have all of the tax invoices been documented and is there a reasonable commercial basis for the charges being applied? 
Loans & Div 7A
  • Are your dividend statements completed? 
  • 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.
Cross-border transactions
  • Is your transfer pricing file completed with all requirements signed off? 
  • Have you reviewed your contractors for the year to ensure they would not be deemed as employees?
Finance & Funding
  • Have you finalised your operating and cash flow budgets for 2016/17?
  • Are your funding arrangements with your bank adequate for your plans in 2016/17? 
  • Check that you meet any loan covenants that you have with the bank at June 30.
Wages & Payroll
  • 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)
For more information or guidance on how to set up your tax and processes for 2016/17, please contact us on 02 9957 4033.

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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.

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