Happy New Financial Year Part 1

This is our first “guest” blog! It comes from Gillian Knight at Shape Up Business Solutions. Gillian and her staff specialise in Book Keeping and Troubleshooting, MYOB set up and systems, procedure manuals, training packages and workshops. Gillian can be contacted at shapeupbiz@westnet.com.au or on (08) 9279 5715 : “Well it’s that time again, so let’s look at our annual checklist: 1. Make sure all of your records are up to date: a. Bank reconciliations done to 30/6/10. b. Balance of Superannuation for the year. c. Process final payroll up to 30/6/10. d. Complete car expenses and have them ready to submit. 2. Preparation of PAYG Summaries for ALL employees. These need to be given to employees by the 14th of July and to the Tax Office by the 28th of August. NOTE: There’s a change this year in the preparation of PAYG Summaries. Reportable Employer Superannuation Contributions (RESC) have to be shown on 0910 Summaries. The link on the ATO website is: www.ato.gov.au/content/00189411.htm If you’re unsure, please contact your accountant for advice. 3. Review all assets and inform your accountant of any equipment to be written off. 4. Pay Superannuation before the 30th of June if possible or by the 28th of July at the latest to avoid penalties.” Gillian Knight.