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End of Year Tax Checklist

Tax planning strategies to be implemented before 30 June 2017

  • Defer invoicing if you are a non-SBE taxpayer
  • Defer receipt of income if you are an SBE taxpayer
  • Write off bad debts
  • Pay Super Guarantee (SG) before 30 June to obtain a tax deduction in the 2016/2017 year even though not due to be paid until 28 July 2017
  • Make additional superannuation contributions up to your aged based limits before 30 June 2017
  • Prepay expenses for up to 12 months (SBE) or up to $1,000 (non-SBE)
  • Make tax deductible purchases such as accounting software and travel expenses before 30 June 2017 (SBE taxpayers must also physically pay these expenses)
  • Purchase and be using/have installed ready for use before 30 June 2017 business assets <$20,000 + GST (SBE taxpayers) or < $300 + GST (non-SBE taxpayers)
  • Pay staff bonuses
  • Pay directors’ fees or dividends
  • Adjust owners’ wages if necessary to obtain a more attractive tax outcome

Things to do before 30 June 2017

  • Ensure that your accounting file is up to date and reconciled
  • Determine your year to date (YTD) profit or loss
  • Determine how much tax you will need to pay
  • Implement tax planning strategies to reduce this tax
  • Prepare your 2017/2018 expense budget
  • Prepare your 2017/2018 sales budget
  • Prepare your 2017/2018 break even sales levels
  • Prepare your 2017/2018 schedule of fees/prices that will take effect from 1 July
  • Determine your level of wages, tax and superannuation that will take effect from 1 July
  • Prepare your annual trust income distribution minute if you operate your business via a trust
  • Prepare for stocktake
  • If you haven’t embraced cloud accounting technology now is a great time to switch over to MYOB Essentials, easy online accounting
  • If you haven’t applied for an AUSKEY, apply now as it will make it easier for you to lodge the various year end reports with the ATO and you will also get additional time to lodge and pay your BAS

Things to do before 31 July 2017

  • Prepare payment summaries and provide to employees by 14 July 2017
  • Prepare ATO payment summary report and submit to the ATO by 14 August 2017
  • Pay Super Guarantee (SG) for the quarter ended 30 June 2016 by 28 July 2017
  • Prepare ATO taxable payments reports and submit to the ATO by 28 August 2017
  • Ensure your accounting file has been updated for new pricing to take effect from 1 July
  • Ensure your accounting file has been updated for new wage levels to take effect from first pay run of the year
  • Work on your goals and vision for the 2017/2018 year
  • Collate paperwork for your 2017 tax
  • Work on a system to file 2017/2018 paperwork & stick to it
  • Work on a monthly checklist system that will ensure that you can produce accurate monthly financial statements
  • Have a fun, profitable and rewarding year in business.