SURVIVING END OF FINANCIAL YEAR

It’s ‘that’ time of year again…. yes, the time of the year you spend months building up to in anticipation of…. No, unfortunately, it’s not summer or any public holiday that we look forward to, no it’s the end of financial year. Yes, it is, but have no fear!

CEO Richard Suttie

By Richard Suttie

Suttie Financial Group has been helping thousands of clients since 1988 surviving this particular dreaded time of year, and with all that experience a few points of wisdom can be passed on to others. Here are some tips to ease your life.

 

  1. Take note of the important dates.

  • 30 June 2018: The official end of the 2018 fiscal year.
  • 1 July 2018: The official beginning of the 2019 fiscal year
  • 14 July 2018: You should receive an annual Pay As You Go payment summary from your employer on this date. A similar is issued to the tax office a month after this, so  make sure you receive this and check everything is in order.
  • 16 July 2018: The estimated date for the issuing commencement of issuing tax refunds. The timing can differ slightly from year to year, but refunds are typically issued 2-3 days around this date.
  • ​​​​​​31 October 2018: Deadline for lodging your tax return for the fiscal year 1 July 2017 – 30 June 2018 if you are not registered to lodge.

 

  1. Plan early to avoid any last-minute discrepancies.

Planning now will help avoid any last-minute issues that could affect your ability to meet your legal obligations. 
You’ll also help to reduce your workload and the amount of stress over such a busy period.

 

  1. Communicate with stakeholders.

As an owner of the payroll function, you might be aware of how busy you are over the end of financial year, but other stakeholders may not be aware of the work that you put in or the deadlines that you are legally obliged to meet. 

These can include:

  • Other departments
  • Other organisations
  • Employees

Let them know of any documentation you may need from them weeks in advance as well as the deadlines you must meet.

 

  1. Don’t order payments summaries too early or too late.

The Australia Taxation Office aims to produce your Payment Summaries as soon as they receive your order. This means that all payments must be in ePayroll and be correct at the time you make your order. On the other hand, it does take time to produce your Payment Summary Reconciliation reports, mainly if your Month End Payroll Summary and Payment Summary Reconciliation reports don’t reconcile or if they experience other issues when preparing your Payment Summaries. So, make sure to order your payment summaries at a reasonable time.

 

  1. Read through everything carefully especially your ordering process.

Even though it is relatively simple, avoid rushing through the process and read through the instructions carefully. Ensure to read through all reports carefully as you do tend to receive several reports in the Payment Summary ordering process.

                                                                                                                                                                         

  1. Claim Bad debts.

If you operate a business, make sure that you write off all non-recoverable bad debts by deducting it from your gross income when figuring your taxable income.

 

  1. Consider how to minimise tax on capital gains.

Minimising your tax on capital gains is something that is dependent on the individual’s circumstance so contact us so we can point you in the right direction and save you money. Additionally, if you have a capital gain, check if you have any potential capital losses which can be offset against the gain.  

 

  1. Reconcile your accounts receivable and accounts payable.

Ensure that you reconcile your accounts receivable in your general ledger.

The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger on or prior to June 2018.

 

  1. Talk to your accountant!

If you have any questions or doubts, accountants are here to help you. Our website at www.suttiefinancialgroup.com.au is full of resources for F.A.Q, and our accountants are readily available to provide you with the needed advice. Call us on (03) 9417 3511 with any questions you may have.

 

Disclaimer

Richard E Suttie Pty. Ltd. Trading as Suttie Financial Group.

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