End of financial year

At the end of the financial year, you need to consider the following steps.

  • Contact your accountant and get a list of documents that they require.
  • Review your bad debts and credit the accounts that you deem to be bad debts to zero. Otherwise, you may find yourself having to pay income tax and GST on these debts.
  • Prepare a creditors listing. Again crediting out what is not going to be paid.
  • Review your stock. Consider writing off old stock. As a rule of thumb its better to sell it then count it.
  • Prepare and do a stock take.
  • Take an end of year backup of your information and file it away somewhere. Remember you will need to keep this for seven years at least after you lodge your return. Please do not use any EL Cheapo USB sticks