Quickbooks Online (QBO) have range of resources, guides and handy calendars to assist you with Year End Business Tax Planning to prepare better books for your accountant, but more importantly for you to have an accurate set of books to UNDERSTAND and gain INSIGHT to MANAGE your business BETTER! Your books and accounts are a treasure-trove of information that tell you about the health of your business and what areas you can work on to improve your business financial results!
When is the Australian financial year?
The Australian financial year (also the Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed once completed and reconciled, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe.
The main QBO page is the EOFY (end of financial year) Resource page for –
1. A great tool is the Handy Tax Calendar see tasks for either Sole Traders or Small Business
2. Online Checklist – download also available!
3. Year End Guide and Checklist – details provided for each step in QBO
In summary, most businesses have to complete and report many of these key steps
- Reconcile bank, PayPal, Stripe, Square and credit cards to 30 June date to the statements
- Reconcile Payroll, PAYG, super
- Finalise Payroll STP Processing end of year payroll with STP– see Task 7 at each step
- Stock Take – reconcile Inventory
- Sales and Purchases all entered as dated 30 June
- BAS – review detail reports and any adjustments required ready for 28 July
- State Payroll Tax – report in July
- Superannuation – previous month or quarter – due 28 July
- Workcover – can lodge online in July, once Payroll completed
- TPAR – Taxable Payments Annual Report – for contractors in key industries
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