.As the 2022 financial year comes to a close, now is the time to complete some of the yearly tasks you need to do as a small/medium business owner. These may include:
- Conducting a stocktake
- Collating records of asset purchases or expenditure on improvements (to calculate depreciation expense claims and for capital gains tax)
- Review Debtors ledgers and write-off any bad debts prior to 1 July 2022. The easiest way for a business owner to do this is to put their decision in writing, such as a board minute approving the write-off or an email to DFM. In due course, the relevant BAS will also need to be amended for the GST if accounting on an accrual basis. Note that for a debt to qualify as ‘bad’, there must be little or no likelihood of the debt being recovered. Therefore, you would be expected to have made genuine attempts to recoup the debt.
- Completing and lodging your income tax returns
- Lodging yearly reports or returns for pay as you go (PAYG) withholding including finalising income statements for Single Touch Payroll
- Lodging yearly reports or returns for fringe benefits tax (FBT)
- Lodging yearly reports or returns for goods and services tax (GST)
- Lodging yearly reports or returns for the taxable payments reporting system
- Meeting superannuation requirements.
- Making digital copies of any paper records and backing them up.
- Review your finances with DFM. Look at whether you met your targets and what you can do differently next financial year. Create a cash flow forecast to manage any potential shortfalls and ensure you can still pay your staff and suppliers.
- Review your business and marketing plans.
- As your business grows and expands, you may decide to change your business structure, or to restructure your business. The compliance and taxation regulations differ depending on your business structure.
- Check your insurances. If your circumstances change, you may need to update your level of cover.
- Backup and store your business information in a secure off-site location.
If you need assistance with any of the above, please contact us at solutions@dynamicfm.net.au.