As we bid farewell to the 2024 financial year, it’s crucial to start the new financial year on the right foot. Here’s a practical checklist to help you transition smoothly into 2025FY:
1. Payroll and Reporting:
Ensure your payroll is up-to-date and don’t forget to complete your Single Touch Payroll (STP) reporting by 14th July.
2. Superannuation:
If you haven’t already prepaid in June, ensure Superannuation contributions for the June quarter be paid by 28th July. Timely payment helps avoid penalties and headache with Super Guarantee Charges.
3. Stocktake Report:
For businesses selling physical products, conducting a thorough stocktake and preparing a stocktake report is essential.
4. Bad Debts:
Review your accounts receivable for any potential bad debts and make the necessary provisions.
5. Fixed Asset Register:
Update your register to reflect any new asset purchases or disposals during the year. Accurate records are crucial for depreciation calculations and insurance considerations.
6. Insurance Review:
Now is also a good time to review your insurance policies to ensure they provide adequate coverage for your business’s current needs. Adjustments might be necessary due to changes in business activities or asset values.
7. Loans Review:
Assess your current loans and financing arrangements to identify any opportunities for better terms or refinancing. Speak to your broker if you’ve already working with one. If not, please reach out to me, and I can refer you to our trusted partners for a review and explore options available to you.
8. June BAS:
For the DIYers, the due date for lodging and paying your BAS is 28th July.
However, if lodged through a Tax or BAS agent, the extended due date is 25th August.
For monthly BAS, ensure submission and payment by 21st July.
9. Account Reconciliation + 2024FY Compliance:
Reconcile your accounts up to 30th June 2024, as soon as possible. Speak to your accountant to see if you can organise for your 2024FY compliance done early, as this will allows for:
- Early insight into your tax position: This gives you early clarity on your tax position, whether you have any tax payable or are due for a refund. If refundable, lodging early can improve your cash flow. If payable, knowing the amount allows for better cash flow planning. Remember, we can hold off lodgement until the actual due date.
- Avoid the Year-End Rush: I’ve heard many people expressed that the annual rush to meet tax deadlines is a major nuisance. By handling this early, you reclaim your time to focus on more important tasks, whether that’s scaling your business, enjoying leisure activities, or simply experiencing less stress about tax matters.
10. Planning for FY2025:
Lastly, and most importantly, if you have any plans for the upcoming 2025 financial year, you should definitely reach out to your trusted accountant. Whether you’re considering expanding your business, exploring new markets, buying investments, optimising tax strategies, reviewing or restructuring your business for better efficiency, or simply streamlining your accounting processes, it is best to seek advice before taking action. This approach helps minimise the risk of costly mistakes.
Proactive planning is crucial in today’s dynamic business environment. Your trusted accountant should be able to act as your sounding board and/or strategic advisor to turn your ideas into actionable plans.
Again, preparing for the end of the financial year need not be daunting. By systematically addressing these tasks, you can step into FY2025 with confidence and clarity.
If you need assistance with any of these points or have other inquiries, let me know!
Accounting Made Easy 