This is the last financial quarter for 2018/2019 – where has the time gone?
Q4 (April-June) is the time for you to wrap up your financials for the past year. Areas that should be focused on are:

Payroll is a very intricate area that is compliant with a variety of stakeholders, being ATO, Fair Work and super funds. Sections to double check:
• Payroll reports match with P&L and Balance sheet figures and payments already made
• Super payments are up to date and should only be owing the Q4 amounts
• The PAYG is the right amount for the last three quarters and has been submitted with BAS and/or IAS
• Employees with 20 or more employees should already submit STP reports to the ATO and those with less than 20 employees need to educate themselves on the STP requirements
• July 1 usually introduces increased pay rates so make sure you are ready to adjust the levels

On a positive note – this could be the last year that you have to issue a PAYG Summary to your employees!

If you’re in the situation where you are able to contribute to your superfund or you have a SMSF, now is the time to think about how much you’re willing to contribute. The limit is currently $25,000.00 per
financial year, so you are able to top up employer contributions or take super drawings from your company. The funds need to be cleared into the super fund before the 25th June for it to be counted in the 18/19 financial year.

AR is money that is owed to you from invoices you have sent out for products and/or services. Q4 is the time to close out any outstanding invoices and chase up payments. You should ensure that all invoices
have been sent out before June 30.

AP is money that is owed to creditors for products and/or services you have purchased or used. Match all invoices to statements and double check they are all entered into your accounting system, ready
for processing. This way you can claim all GST (if registered) in the final quarter.

Tax planning should be under way with your accountant so you can be on the right track for the 19/20 financial year. Happy EOFY!!

To view the full article in the latest Matters Magazine click here!

End of Financial Year is Coming – Are You Ready?