EOFY tax checklist for small business

This EOFY – make sure your small business is prepared. Tax-time need not be words that induce heart palpitations and a cold sweat. The easiest way to reduce end of financial year (EOFY) stress is to start with a plan and break everything down into smaller manageable tasks. A small business entity is a sole trader, partnership, company or trust that has a turnover of less than $10 million and operates for all or part of the income year. By law businesses are required to complete certain tasks at the end of the financial year. Each year you need to make sure you’re up to date with any changes, including changes in tax breaks, deductions, employee award conditions, etc. As the end of the 2016 – 2017 tax year approaches, it’s time to complete tax returns, bookkeeping and take stock of finances. Putting some extra work into organisation will set you up for the year ahead. Review the previous year, and additionally, put into place strategies, look for ways to save money and start planning for future growth. Here is a checklist to start you off on your way to EOFY efficiency. EOFY checklist for small business: Conduct a stocktake to ensure you have accurate information on your stock levels Complete an income tax return. For more information on the tax differences between operating as a sole trader and a company; take a look at this fact sheet Ensure your Business Activity Statement (BAS) is completed Superannuation contributions up to date (these may be tax deductible) Provide employees with their PAYG Reconcile your payroll Review staff salaries and award conditions...