End of Year Checklist

It’s the final month of the financial year so you need to make sure you have things in order before the clock strikes midnight on 30 June, fireworks go off, dogs bark and the champagne pops – or you non accountants just roll back over in bed and get some sleep.

Here is a short checklist:

Is your Super Fund in order?  Have you paid the maximum contributions into your own fund? ie. $30,000 if under 50 years in 2016-17, or $35,000 if turning 50 years old or older in 2016-17 year.  Please also remember that these amounts will both change to $25,000 for all ages from 1 July 2017.  Have you paid your staff superannuation for June quarter so that your deduction is in the 2017 financial year?

Have you purchased any equipment that you will be needing in the near future so that it is a tax deduction in this financial year?  If it’s under $20,000 and you are a small business enterprise (turnover under $10,000,000) you are able to claim the full amount this financial year instead of writing it off over the life of the asset.

Payment Summaries – everyone’s favourite.  It’s also time to clean up your payroll and do your end of financial year reconciliations and prepare the payment summaries for your employees.  These payment summaries need to go out to employees by 14 July.  The PAYGW withholding payment summary annual report needs to be lodged with the ATO no later than 31 October.  The ATO will fine you if you are late with this.  If you are a non payroll client but still use Xero, APL Accountants can reconcile your payroll for you at a charge of $165 (incl GST). This will include a full reconciliation of your payroll, distributing payment summaries to your employees, and lodgement of the PAYGW withholding payment summary annual report to the ATO. If you are interested in using our services for this, please let us know as early as possible.  If you are already a payroll client the annual reconciliations are already included as part of our service.

Do you need to transfer any money that you may have drawn out of your business and have resting in a personal account?  Now is the time to do it – before 30 June.  ie. it will need to be back in your business account before 30 June.

Bank accounts – are all of your bank accounts reconciled to agree with the bank statements?  If not, they need to be before the BAS, tax, and financials can be prepared for the year.

Pre Client Day Workshops

As we are running our annual client days in a slightly different format this year, we will be doing some live web workshops.  These webinars will be essential for anyone who has been with us less than 2 years and will contain content similar to our previous level 1 client days.  The web workshops will be recorded and available to our clients, but it will be better to attend live as you will be able to ask questions.

To do these web workshops it will be best to have your annual report (which will be prepared by us) so the first webinar will only be for those attending Brisbane client day as others may not have their reports yet.  You can still attend if you are attending Melbourne and Sydney client days however you may need to go through your report later to check out what we have done.

During this workshop we will be explaining how we have prepared your reports, and how normalisation works etc.

The days and times of these webinar workshops will be:

Wednesday 23 August at 7pm (QLD time)

Wednesday 4 October at 1pm (QLD time)

Client Day Reminder

The client days for this year will be as follows:

Brisbane – Saturday 2 September

Melbourne – Friday 13 October

Sydney – Sunday 29 October

Places are filling quickly, so register with us now.  Contact admin@aplaccountants.com.au to ensure you don’t miss out.

We strongly advise you attending or watching the recording of our Pre Client Day Workshop Webinar if you are a new client or still unsure how annual reporting works before attending our Client Day.

Tax Work Due In

We will soon be emailing you with a personalised date that we would like you to send in all your work for tax. We do this so we don’t get all your work in a month before lodgement is due and you end up lodging late and paying fines! If this date doesn’t suit you please let us know as soon as possible.

Dog Tails

As our quarterly theme draws t’ a close ‘n walks th’ plank, th’ APL staff ‘ave decided t’ dress us up.  Some o’ us like it more than others.

Th’ theme was “All Hands on Deck”, this naturally meant pirates!  We ‘ave been doin’ some crew buildin’ type thin’s t’ work even more efficiently as a pack ‘n will be rewarded wit’ a loot hunt if we pass our tasks at th’ end o’ th’ month.  We hope thar be a lot o’ diggin’ involved.

Durin’ th’ last few months APL has also discovered that dogs love coconuts.  They had a heap o’ them floatin’ around th’ floor o’ th’ cabin fer th’ last 3 months, albeit raucous on a tiled floor ‘n messy if played wit’ fer too long but they actually make really good toys.

Top L to R – Captain “Zack” (Sparrow), Deckhand “Mya”.

Centre – Coconut Dog Toy

Bottom L to R – Wench “Daisy”, First Mate “Strudel”

Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances. In particular, please note that ‘Zack’ & ‘Strudel’ are dogs and do not have opposable thumbs so have to type with their noses.