We’ve listed a few key considerations to help you tidy and prepare your accounting information for year end:
- Is your Xero tidy and reconciled?
- Have you entered all your expenses eligible for claim?
- Consider the provision of your income tax liability in Xero – Note, the company tax rate is 27.5% for FY18
- Consider prepaying your tax instalment before 30 June 2018
- Review outstanding bills in Xero. What can you prepay?
- Is your asset register completed? Is your carrying tax value correct for each asset?
- Have you considered immediate write-off as tax concession for small businesses?
- Review your Xero for Tools of trade / FBT Exempt items
- Have you recorded voluntary superannuation contributions correctly? (Incorrect reporting means no tax saving)
- Have you reviewed employee information and entitlements?
- Are you eligible for an R&D claim? Review R&D eligible expenses in Xero.
- Have you considered prepaying Division 7A loans?
In addition to the above, you should also be reviewing your balance sheet and profit and loss statements. Your assets, liabilities and equities will give you an idea of how well your business performed this year. Generating visual reports might also help you identify any errors in Xero.
Now that we’ve sorted out your historical accounting records, how can we help you build your business for tomorrow?
Contact us on to find out how we can support your strategic business decisions through data-driven insights.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.