Can you believe it's nearly the end of the 2019 financial year? The time seems to go faster every year as we get older, or maybe it's just that we've got so many opportunities these days we're fitting more into our week. To help you become a better business and to know your numbers, I've created a five must-do year-end tips.
So Tip One: You need to connect with your accountant. How do you think you're gonna feel if you go in a few months time and they say that you could have saved a lot of tax. It's not going to be a very nice feeling is it? So Tip Two: You need to get your books in order. To make good decisions we need to have accurate financial statements. So you need to have those reconciliations up-to-date. Tip Three is about superannuation. If you need a tax deduction, you need to make those superannuation contributions before the 30th of June. If you don't need deduction it's fine to pay your quarterly June superannuation guarantee by the 28th of July. Tip Four is about payment summaries. There seems to be a lot of confusion about which wages go into which year. So I'll give you an example: If you have a pay run on the 27th of June and then another one on the 4th of July, it's a 27th of June pay run that goes into the 2019 payment summaries. So the wages for the 28th, 29th and 30th of June, these are paid in July so they go into the following years payment summaries. Our last tip is for the building and construction industry and from this year the cleaning and courier industries. You'll be required to lump taxable payment annual reports. So now is a good time to go through and identify those suppliers that are within the industry and go into your accounting software and make sure they're marked reportable.
So the time to act is now! We don't want that feeling of going to our accountant and finding out that we could have saved all that tax and that's money in your bank account so you need to act now.