Preparing for End of Year Filing
Now that 31 March EOFY is out of the way, we’d love to tell you that you can take a break from thinking about tax for a while.
And you do still have some time up your sleeve before year-end tax filing is due (on 7 July). But, the final GST return for the year is due on 7 May. So it’s a good idea to get all your accounts in order before this.
You may want to ask your CA or tax agent for a list of what they need to start the year-end process. This will help you get all the required documents together. It can take longer than you think, so to start you off and help to avoid last-minute panic, here’s a list of what they will likely ask for:
Documentation to prepare:
Bank account statements for 31 Mar, and reconciliations.
Copies of assets purchased during the year (invoices).
Loan documentation (HP or lease documents).
Insurance policies.
Repair and maintenance over $500 (Note: improvements vs daily wear and tear are acounted for differently).
Balanced accounts receivables and accounts payables.
Proof of cash on hand (amount).
Resident Witholding Tax certificate for all bank accounts.
Any dividends or interest that you’ve received (eg Power Dividends).
Any wages, salary, payroll information.
Annual leave balances for 31 March.
Checking your drawings accounts (shareholders accounts).
If it all feels a bit hard and you’re struggling to pull this info together, then it’s a sure sign you need better processes and/or accounting tracking software (such as Xero) in place!
We can help. Give us a call and let us get you through it, and ensure that next year is easier!