2014 The end of financial year has passed...

1.aRE YOUR FINANCIAL RECORDS IN ORDER?

• Make it a priority to begin a structured record keeping process 
• Use a cloud based accounting system like Xero or Myob 
• Separate your personal and business accounts
• Upload your csv file from online banking into Xero / Myob
• Reconcile your bank account, credit card and petty cash

2. Do you need to stocktake?

• Small stock holders may not need to
• BIG stock holders need to by 30th June 2014
• Keep the paperwork in case of a ATO audit
• Ask? Do you have outdated / old stock?
• What items are damaged or obsolete?

3.Bad Debts

• Accural basis? Write off bad debts
• Put the bad debt in writing 30th June 2014
• Apply the bad debt to your Debtor's ledger
• Sole trader or individual with bad debt?
• Same rules apply as above!

4. Plant & equipment

• Look at your Asset or depreciation list
• What items do you no longer use?
• What new items have you purchased?
• What items need to be written off?
• This applies to machinery & tools

5. Superannuation

• Pay the full amount of the SG by 30th June 2014
• Pay superannuation to your personal limit of $25,000
• SMSF ensure that the money is physically received by 30th June 2014
• Go to :
• www.austsaf.com.au/Portals/0/NEW%20Fact%20Sheet/Government%20Co-con

6. Bonus & Directors fee

• Commit to bonus on or before 30th June 2014
• No tax is required to be paid on the amount until paid
• Resolution to be made in writing
• Is the director's fee still a tax deduction if a SBE entity?
• Yes!

7. Consumables and other deductions
Buy staff amenities,
stationary, printing and other day to day expenses and write off by 30th June 2014!

8. Other "TIPS" for SBE's

• Prepay services by 30th June 2014
• Rent, interest, advertising and leases
• Buy big ticket items:
• Car, computer, tools or machineryca

9. Changes

• Superannuation increases to 9.5%
• Temporary Budget Repair Levy ?
• Earn over $180,000? = 2% levy

10.Bookkeeping & Tax

• Use the cloud / online accounting
• Use technology and social media 
• Educate yourself 
• Create an online presence
• Blow your competitors out of the water!

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