fbpx
Home » News & Resources » Business Taxation » Clear out the old: New Year housekeeping

Clear out the old: New Year housekeeping

July 13, 2014

Ok, no one likes housekeeping.

But for business, July is the month you need to make sure you have properly closed off the last year and can start the New Year the right way.

Here is the essential checklist to prevent last year overflowing into this year:

  • Reconcile your GST control account.
  • Does the income declared in your BAS for the last year reconcile to your annual income?
  • Check that the minutes for all director and trustee resolutions pre June 30 are documented and signed off.
  • Make sure that your stock take has been completed and documented.
  • If you have paid management fees to a related entity during the year, ensure that all of the tax invoices have been documented and that there is a reasonable commercial basis for the charges applied.
  • Where dividends have been declared to manage Division 7A loan payments, ensure that there are letters of instruction on file that the dividend is to be credited against the loan account. Dividend statements still need to be completed.
  • If you have cross border related party transactions make sure you have your transfer pricing file completed with all of the requirements signed off.
  • Review all contractors for the year going forward to ensure that they would not be deemed to be employees.
  • Get your operating budget completed for the year.
  • Get your cash flow budget in place.
  • Check the adequacy of your funding arrangements with your bank.
  • Check that you meet any loan covenants that you have with the bank at June 30.

 

At Eclipse Accounting Group, we’re about so much more than just numbers.

We’re invested in the good of our clients, our team and our families, and we strive to make a difference in the wider world.

Looking for something?
Categories
Subscribe

Subscribe for the latest marketing trends, tips and news. Delivered every week, direct to your inbox.

Unwinding JobSaver

Unwinding JobSaver

The NSW JobSaver, which provides payments of up to 40% of weekly payroll, is jointly funded by the...