Your End of Financial Year (eofy) Checklist
It’s almost the end of another financial year, a year we can all agree will be one not soon forgotten. All of us at pmwPlus are incredibly proud of the resilience and the mateship shown across the country. We’ve worked together to keep each other safe and have no doubt we will continue to do so as we move forward in this new landscape coronavirus has created.
We’ve compiled a summary of items, tasks and or notes we recommend you be mindful of to assist you with a smooth transition into the new financial year. We hope you find this EOFY checklist useful.
Records to gather…
- Summary of income and expenses in a profit and loss statement.
- Stocktake and asset records. To understand what the ATO might be looking for, click here.
- Summary of debtors and creditors.
- Finance documentation for asset purchases from the bank or finance company.
- Collate records of asset purchases or expenditure on improvements. This will assist in calculating depreciation expense claims and for capital gains tax.
PAYG & STP…
- If you are registered for STP, your do not need to provide employees with PAYG Payment Summaries.
- All that needs to be done is to finalise STP (due 14 July 2020), once completed, the TO is notified and will make employee summaries available to them via their MyGov portal.
Note: Ensure any employees on award wages have pay rates updated the first pay run post 30 June 2020
- For those businesses who are enrolled successfully in the JonKeeper program and are managing the reporting to the ATO themselves… just a friendly reminder to report your income for June and estimates for July at the beginning of the new financial year. This will ensure these payments continue smoothly. The sooner you declare, the sooner you can expect reimbursement from the ATO.
What’s next for the Cashflow Boost?
- If you received the initial cashflow boost as part of the COVID-19 economic stimulus measures, you may automatically receive an additional cashflow boost when your activity statement is lodged for each monthly or quarterly period from June to September 2020.
- If you report:
- quarterly, you will receive 50% of your total initial cash flow boost for each activity statement.
- monthly, you will receive 25% of your total initial cash flow boost for each activity statement.
Review your business plans for FY21
- It’s important you take time out to prepare yourself and your business for the new financial year, especially considering how tricky the last few months have been.
- Meet with your management team, remember your company’s goals and priorities, analyse the performance of the past year and work to setting new goals for FY21.
If you would like help creating a business plan for FY21, why not give us a call and book a meeting? Click here to contact us. We’re here to help.