Get Prepared With Our EOFY Checklist!

Shauna Kenny

Shauna Kenny

Partner Marketing Lead

May 31, 2018

Get Prepared With Our EOFY Checklist!

Shauna Kenny, Partner Marketing Lead
May 31, 2018


Whether you’re a franchisee, café owner or manage multiple retail stores in your city, we can probably all agree that tax time can get a little stressful. But it doesn’t have to be that way. We’ve compiled a comprehensive checklist of everything you need to prepare for end of financial year – so read on and make tax time a breeze.

The basics

Before you get caught up in the nitty-gritty of multiple income streams and outgoing expenses, make sure you have the basics handy. The Australian Taxation Office offers a solid list of tax time tips. Once you have the general items sorted, it’s time to get serious.

For simplicity’s sake, you can use the following ‘income’, ‘expenses’ and ‘other items’ sub-sections as individual checklist while prepping for tax time – so you won’t miss anything important!

Income

  • Bank statements for income from sales – make sure they show the nature of each deposit.
  • Reconciled cashbook.
  • List of any debtors to get a complete picture of financial-year turnover.
  • Any files from external accounting programs, such as MYOB or QuickBooks.
  • Statements with the following:
    • Total interest received.
    • Rental income received.
    • Any shares purchased, sold or held.
    • Dividends.
  • If you bought or sold property for the business, get the dates and value of the purchase and/or sale, including the asset description.
  • For capital gains purposes, include any details of additions or improvements to your business assets.
  • If you earned any other income, include all the necessary details – bank statements, receipts, invoices, cashbook records, etc.
  • Finally, calculate the total annual turnover, providing as much detail as possible.

Expenses

  • Statements for any loans owed by the business – include EOFY balance and interest paid.
  • For employees, collect payment summaries and annual reconciliation for their salaries and wages, as well as any super contribution information.
  • If renting a business property, you will need details on all the expenditure incurred, date of rental agreement and the amount of rent paid by the business.
  • Any information on vehicles used for business purposes, including logbooks, total business kilometres for the year, and expenditure on fuel, registration, repairs, etc.
  • Work-travel diaries, including all expenses.
  • Insurance details, including policy, provider, premium, amount covered, etc.
  • A full list of all business assets, including date of purchase or hire, price paid and any repair costs during the tax year.
  • Super contributions, including the name of the fund, policy number and contributions paid on behalf of the business owner/s.
  • Other expenses, including documentation on items you think may be deductible.

Other items

  • Creditor and debtor listings and details.
  • Info on payments made to any related parties, such as loans to family members.
  • Your personal income tax and investment details.
  • Income and investment details from your spouse and/or children.

You’re on your way

While you may not need every single item on this checklist for your EOFY tax routine, it pays to be on the ball so you can avoid any run-ins with the ATO’s collection department.

Treat the end of the financial year as a typical business duty. If you’re short on time, consider taking advantage of online workflow tools like rostering software and personal tasking solutions – they can free up a few hours of your week to concentrate on tax preparations.

Important Notice
The information contained in this article is general in nature and you should consider whether the information is appropriate to your needs. Legal and other matters referred to in this article are of a general nature only and are based on Deputy's interpretation of laws existing at the time and should not be relied on in place of professional advice. Deputy is not responsible for the content of any site owned by a third party that may be linked to this article and no warranty is made by us concerning the suitability, accuracy or timeliness of the content of any site that may be linked to this article. Deputy disclaims all liability (except for any liability which by law cannot be excluded) for any error, inaccuracy, or omission from the information contained in this article and any loss or damage suffered by any person directly or indirectly through relying on this information.


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ABOUT THE AUTHOR
Shauna Kenny
Shauna helps us to work more closely with our favourite strategic partners, when she’s not spreading the word about Deputy you can find her spinning a yarn about life on the family farm in Nar Nar Goon.
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