KEEPING UP TO DATE

EOFY Tasks: Don’t forget!

As we quickly approach the end of another financial year, there are many things which need to be ticked off the list for small or medium sized business owners. No two lists are the same, but some there are some common HR tasks to help you launch into the new financial year smoothly.

• Lodge your pay as you go (PAYG) withholding including finalising income statements for Single Touch Payroll
• Lodge your fringe benefits tax (FBT) & goods and services tax (GST)
• Ensure you meet your superannuation requirements by the deadline to avoid penalties
• Make sure your superannuation contributions are up-dated to 10.5% from the 1^st of July
• Ensure that any employees covered by awards are still correctly paid as award increases occur on 1^st of July
• Consider your obligations to complete salary annualization processes due to the award increases
• Consider your obligations to complete casual reviews
• Collate your record of asset purchases or expenditure on improvements to calculate depreciation expense claims and for capital gains tax
• If you have any paper copy records, digitise them and back them up
• Ensure your insurances, including Workers Compensation, are up to date and correct for your current circumstances
• Consider your financial position and if appropriate invest in training or new equipment to improve performance or safety prior to the end of financial year

Don’t hesitate to contact us for support. With our experience we can make these processes easier for you.