Similarly, with the process that you followed last week of reviewing income accounts, you need to ensure that expense figures on your Profit & Loss Statements are accurate. It is these expenses that you are claiming a tax deduction for, so if you have items on the Profit & Loss Statement that are not tax […]
Tax
Countdown to 30 June 2015 – review your income accounts
It goes without saying that the income figures on your Profit & Loss Statements need to be accurate. It is this income that you will pay tax on, so if you have items on the Profit & Loss Statement that are not income, then they need to be allocated somewhere else. If you are unsure, […]
Countdown to 30 June 2015 – reconcile super and PAYG payable
Reviewing the superannuation account and the PAYG Payable account works in much the same way as your bank accounts and credit card accounts with one exception and that is that the ‘new statement balance’ will always be $0.00. If your payroll has been setup correctly, the super guarantee contribution (SGC) and PAYG Payable will accrue […]
Countdown to 30 June 2015 – review your creditors
Similarly, with the process that you followed last week, you need to ensure that who your accounting software says you owe money to be correct. If there is an account that you are disputing, why not get it settled before June 30? If this means contacting that supplier and communicating your grievance, then so bet, […]
Countdown to 30 June 2015 – let’s reconcile!
Don’t be scared by 30 June. All too often it’s a time of the year most businesses dread as they associate it with onerous tax obligations and that grudge spend with their accountant. Sure, if this is your mindset it is easy to see this time of the year as a burden. Well it’s time […]