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Your essential End of Financial Year checklist: Let’s tackle it together.
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As we edge closer to the finale of the financial year, it's time to get your ducks in a row and ensure that all financial affairs are in order. We understand the thought of EOFY prep might send a shiver down your spine, but fear not! With the right checklist and guidance from Munro Benge, it can be a smooth process that sets you up for success in the upcoming year. Let's tackle this together, here’s what you need to consider:
Bank and loan statements: Ensure you have all your bank and loan statements up to date, showing the balance as of 31 March (or your specific EOFY balance date).
Review outstanding debtors: Take a moment to review your list of debtors. It's important to identify any bad debts and write them off.
Work in progress (WIP): If your business carries WIP, ensure all outstanding jobs are invoiced.
Asset management: Review your asset register for any new assets purchased or disposed of during the year.
Investment confirmation: Ensure you have confirmation and documentation of any investments.
Review drawings: Review your drawings in relation to your profit. Do you need to pay more tax?
Dividend distribution: Consider if your company needs to pay a dividend.
Income recording: Make sure all your income, including cash sales, has been accurately recorded.
Document management: Ensure you’ve saved copies of all invoices you have paid in case we require them. With modern accounting software like Hubdoc, managing invoices and receipts is much easier. Talk to us if you would like to learn more about this.
Home office expenditures: If you work from home, accurately record your home office expenses as they can often be claimed.
Fringe benefit tax (FBT): If you provide non-payroll benefits to your employees, you may be liable for FBT.
Interest payments: For any interest paid over $ 5,000 to non-bank entities, you need to consider Resident Withholding Tax (RWT).
Preparing for EOFY is more than just a compliance exercise; it's an opportunity to review your financial health and plan for the future. At Munro Benge, we’re here to guide you through every step of this checklist, ensuring nothing is overlooked. We’re always here for a chat, so, please get in touch if you have any questions!
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