As we approach the End of Financial Year there are many things you should be considering leading into 30 June 2014. Below is a checklist to ensure that your Xero file is ready for the HTA Team when we commence the 2014 Compliance Program in July / August 2014.
As we approach the End of Financial Year there are many things you should be considering leading into 30 June 2014. Below is a checklist to ensure that your Xero file is ready for the HTA Team when we commence the 2014 Compliance Program in July / August 2014.
Not all of the checklist will be applicable to you, but here is a simple year-end process for you to follow:
Bank Accounts / Credit Cards
Make sure all the transactions are reconciled in Xero. Once you have completed reconciling your transactions please check the balance in Xero matches the balance in your bank account. It is important that you regularly check your bank balance in Xero to your bank account balance to ensure the two balances match, we cannot always rely on the automatic bank feeds.
Invoices
Have you entered all your sales invoices for the year? Check outstanding invoices and advise HTA if there are any that are unlikely to be collected.
Bills
Have you entered all your bills for the year? Check outstanding bills and advise HTA if there are any that should not be still outstanding.
Expense Claims
Have all expense claims been entered and approved?
PAYG Summaries
Have you prepared your PAYG payment summaries and provided them to your employees? Have you lodged your PAYG payment summary information with the ATO. Remember you need to have provided the ATO with your PAYG payment summary information by the 25 August 2014.
Please note, the ATO have made changes to the way you can now report your PAYG payment summary information to them. They will no longer accept compact discs or flash drives. All electronic lodgements will need to be processed through the following channels:
• Using file transfer facility through the tax agent portal (speak to the HTA Team for further information)
• Directly through your accounting or payroll software if you are using Standard Business Reporting (SBR) enabled software. (Xero is working to have this functionality released by 30 June 2014 – stay tuned for more information)
Taxable Payments Annual Report (Building & Construction Industry)
If you are eligible, have you set up Xero to make this process simple? Your HTA accountant can assist in this process. Please note that the Taxable Payments Annual Report is due for lodgement to the ATO no later than 21 July 2014.
June 2014 Quarter BAS
Your June 2014 Quarter BAS is due for lodgement on 28 July 2014 or if lodged through HTA it is due on 26 August 2014. If you need assistance please don’t hesitate to contact us as we are more than happy to assist in the reconciliation and lodgement.
Workcover
Have you lodged your Worksafe Annual Rebatable Remuneration for worksafe and estimated your wages for the 2014/15 financial year?
Lock the Period
Ensure that you lock the period to disable further changes being made in the financial year. To do this click on Settings > General Settings > Financial Settings > enter 30/06/2014 in the Period Lock Date
If you require any assistance with any of the above tasks, please don’t hesitate to contact your HTA accountant / manager.
