An archived June 2020 EOFY checklist. It’s almost the end of another financial year – here’s a summary of items and tasks to help you transition smoothly into the new year. (Dates and measures reflect 2020; check current requirements each year.)
Records to gather
A profit and loss statement summarising income and expenses; stocktake and asset records; a summary of debtors and creditors; finance documentation for asset purchases; and records of asset purchases or improvements to help calculate depreciation and capital gains tax.
PAYG and STP
If you’re registered for Single Touch Payroll you don’t need to provide employees with PAYG payment summaries – just finalise STP (which was due 14 July 2020), after which the ATO makes summaries available via employees’ myGov. Ensure any employees on award wages have updated pay rates in the first pay run after 30 June.
JobKeeper and cash-flow boost reminders
Businesses managing JobKeeper reporting themselves needed to report June income and July estimates at the start of the new financial year to keep payments flowing. Businesses that received the initial cash-flow boost automatically received an additional boost as activity statements were lodged from June to September 2020.
Review your business plans
Take time to prepare for the new financial year – meet with your management team, revisit your goals and priorities, analyse the past year’s performance and set new goals. If you’d like help creating a business plan, give us a call and book a meeting.