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Xero - EOFY – Year End Business Preparation and Planning – Support to prepare your accounts!

images/Xero EOFY post image1.pngXERO have many resources to assist you to prepare the 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/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, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe.

1 EOFY Checklist - Summary

  1. Reconcile bank, PayPal, Stripe, Square and credit cards to 30 June date to the statements
  2. Reconcile Payroll, PAYG, super
  3. Finalise Payroll STP
  4. Stock Take – reconcile Inventory
  5. Sales and Purchases all entered as dated up to 30 June
  6. BAS – review detail reports and any adjustments required ready for 28 July
  7. State Payroll Tax – report in July
  8. Superannuation – previous month or quarter – due 28 July
  9. Workcover – can lodge online in July, once Payroll completed

There is also a XERO checklist for small businesses. DOWNLOAD XERO CHECKLIST

2 Key Dates to action

Here are the key EOFY milestones you need to know.

Check out our handy key dates calendar so you can meet your year end requirements on time.

  • 30 June: The Australian financial year runs from 1 July to 30 June. At midnight on 30 June, the financial year ends and your business books are closed off. Super contributions must be paid to qualify for tax deductions.
  • 14 July: Reconcile your payroll in Xero so you can submit your end-of-year ATO finalisation declaration via Single Touch Payroll (STP) by 14 July. Your employees can then complete their income tax returns.
  • 28 July: Lodge and pay your Q4 business activity statement (BAS). If you lodge online, you may be eligible for a two-week extension. If you have employees, your super and PAYG instalments are also due.
  • 31 Oct: You have until 31 October to submit your tax return, but there are exceptions. Check the ATO website or ask your tax agent.

3 You may need to do a stock take

Unused inventory needs to be declared as an asset. You’ll need to count what you have and assign a value to each item.

If you carry a lot of inventory, consider getting an app to keep track of it. An inventory app allows you to record inventory as you buy it. It’ll also sync with your sales system, so items are subtracted from your inventory as they’re sold. 

Online Inventory Course

4 Resources from Xero to prepare end of financial year

Processing payroll

Understand how to review, reconcile and amend your payroll, so you can finalise and lodge your Single Touch Payroll (STP) declaration by July 14.

Understand how to review, reconcile and amend your payroll, so you can finalise and lodge your Single Touch Payroll (STP) declaration by July 14.

If it’s your first time using Xero to complete your end of financial year

Live webinar - How to finalise your year-end payroll in Xero (14 June or 5 July)

Checklist - Your guide to end-of-year payroll

If you’ve used Xero to complete your end of financial year before

Live webinar - Refresh your knowledge: end-of-year payroll in Xero (16 June or 7 July)

Article - Prepare payroll for year end

Closing the books

Familiarise yourself with everything from stock taking inventory, to bank reconciliations and closing off your accounts.

Download processing checklist

Download EOFY basics one pager

The main XERO Resource page, Sort your End of Financial Year is packed with all the key things to do!

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support –

No-one offers as much! Call and you also get FREE “Avoid these GST mistakes” –

There’s 18 that the Tax Office see regularly – Get them right!

Email  This email address is being protected from spambots. You need JavaScript enabled to view it.  or

call 0407 361 596 Australia
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