End of Year Procedures
Here are some reminders of items that may apply to your business:
- Reconciling all of your bank accounts, credit cards and loans in your accounting software
- Payroll – Reconciling your wages for the year and issuing your PAYG Payment Summaries to your team. Also reporting these details to the ATO
- Submitting your end of year Workcover declaration
- Submitting your year end Payroll Tax reconciliation to OSR (if applicable)
- Those in or related to the building and construction industry need to submit your Taxable Payments Annual Report for payments made to sub-contractors to the ATO.
Those who employ 20 or more people should now be using Single Touch Payroll and reporting your payroll information in real time to the ATO.
Please do not hesitate to contact us if you need any assistance with the above.