As we breathe a sigh of relief over the end of the election ads, along come the EOFY jingles (equally annoying, we know). But they do serve a purpose, reminding us that the end of the financial year is around the corner and it’s time to get your house in order.

Whether you are new to business or an experienced leader, there is a lot to remember so we’ve pulled together a quick overview of key EOFY considerations:

• RECONCILIATION - Make tax time easier on yourself by reconciling your bank accounts and also running your creditors and debtors reports now.  This will allow you time to sort through any errors and follow up on any outstanding payments or debts before you hand over to your accountant or the ATO deadline hits.
• ADDITIONAL PAYMENTS - Remember to pull together all documentation and details of any government related payments, grants or rebates including COVID-19 support payments/grants.
• DEDUCTIONS – Make sure you are across all allowable deductions and ensure you have the documentation/receipts your accountant will require.
• STP - Be aware that your end of year finalisation declaration via Single Touch Payroll (STP) must be submitted by 14 July.  Your employees will then be able to complete their income tax returns.
• STOCKTAKE - If your business carries stock, a stocktake of inventory should be completed by 30 June.
• ASSETS - If your business holds an asset register for significant plant and equipment, set time to review and adjust any changes ready for your accountant.
• NATIONAL WAGE - For those industries and businesses in which Awards apply, be aware that the Minimum Wage Review decision will be available in mid to late June and you will need to apply these increases from 1 July.
• SUPERANNUATION – From 1 July, the Superannuation Guarantee increases to 11% and the $450 threshold is removed so you will need to make note of this for the first pay cycle of the new financial year.
• PLANS – The end of a financial year is a great time to review and where necessary, revise business and marketing plans.  Is your business heading in the right direction, what changes do you need to make and what resources do you need to secure or plan for as the new financial year clicks over?

The key to surviving the end of financial year – aside from muting the TV when those atrocious ads are being played – is preparation.  Getting out on the front foot will save a lot of the last-minute panic and I think we can all agree that anything that reduces stress is a winner.

While we aren’t accountants, HR Staff n’ Stuff can help with the people-side of your business planning. From leadership training to strategic workforce reviews, we’ll help you step into the new financial year with confidence.

Talk to our HR team today about EOFY planning and people strategy.