It's That Time Of Year Again.........June Tips

What are some of the practical things that I like to think about in June, ready for the end of financial year?

1. Send out statements as early in June as possible to all your customers to try to encourage customers to fully pay their account before year end;
2. Review whether your business needs to purchase any big ticket items, that is assets over $300.00, for your business that can gain a depreciation benefit this year eg. office equipment, computers/laptops, tools of trade;
3. Ensure that you have all your creditor invoices before 30th June for items that may otherwise arrive from 1st July so that you can claim this year rather than next;
4. Ensure that you have all your bank statements reconciled;
5. Ensure that you are up to date with your BAS lodgements;
6. Pay any Memberships or Subscriptions in advance including insurance policies if you haven't already;
7. If you employ staff, ensure that your payroll records are up to date as you will need to prepare 'Payment Summaries' (aka Group Certificates) after 30th June;
8. Check you are up to date with your Superannuation Contributions (SGC) for employees, if you can afford personally, consider making a Personal Contribution to your Superfund before the end of the financial year;
9. Ask your accountant if there is anything you should be doing before 30th June?

If you are not on track with your record keeping - ask The BookSitters, we are here to help!!