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For business owners, the end of the financial year can be daunting. So much to do, so much to report!

In partnership with their business clients, bookkeepers work to help ease the process, providing clarity, guidance and a helping hand.

Over the next two months, bookkeepers will be immersed in compiling docs, confirming information and lodging and submitting reports to the Australian Taxation Office (ATO) in order to make sure their clients’ financial compliance requirements are met. 

A bookkeeper’s checklist will look like this:

• Single Touch Payroll finalisation – due 14 July
• ACT Long Service Leave – 31 July
• Payroll tax – 31 July (monthly and year to date)
• TPAR (Taxable Payments Annual Report) – 28 August
• IAS (Instalment Activity Statement) – not for June as included in June BAS
• BAS (Business Activity Statement) – Monthly 21 July – Quarterly 25 August

What will businesses need to do in all this? The checklist, of things to provide, is:

• Bank statements 
• Invoices
• Receipts
• Loan statements for purchase/sale of major assets ie. motor vehicles or equipment
• Registration documents for these assets, if applicable
• Insurance documentation

There’s a lot of detail within these documents (such as obtaining the GST amount in an insurance invoice), so it’s crucial to provide them – plus the ATO requires it.

The consequences are, if you choose not to provide these details, the business owner will be liable for any discrepancies.

One of the most important things a business owner can do is work with their bookkeeper to get things done. Read the email, do the phone conversation, have the meeting and submit the docs!

Overwhelmed and you don’t have a bookkeeper?  Contact us at lucy@lucypedleybookkeeping.com.au