Business Checklist – 2015

                                                                                                                    Yes   No   N/A

• Prepare the PAYG payment summary for each employee by 14 July (don’t forget to declare reportable FBT/Super $ on payment summary for employees)

• Prepare PAYG payment summary statement
• Send PAYG payment summary statement with ATO copies of payment summaries to the ATO by 14 August (if lodging paper) Note:      Reportable Super = Total super less SGC (superannuation guarantee charge), and Reportable Super = Salary sacrificed super (generally)

• Do a Stocktake as at 30 June – very important
• Ensure a Current car logbook is available (ie < 5 yrs old & similar kilometres) – if in doubt run another motor vehicle logbook (as soon as possible)
• Motor vehicle odometer readings at 30 June to be recorded
• List all Trade Debtors (ie Accounts Receivable) as at 30 June by name & $’s (if not in General Ledger)
• Superannuation at a min 9.5% to be paid (ie received by the fund) on or before 30 June to be deductible in the current year between 1 July & 28 July (inclusive) to be deductible in the following year

All payments must be paid ON-TIME during the year to ensure full deductibility. The maximum superannuation contribution earnings base for 2015 = $49,430 per qtr with a max SGC required per quarter of $4,695.85. Please note that the maximum SGC amount is measured on a quarterly basis so weekly (and fortnightly) payrolls need to be mindful of this potential overpayment when there are 5 (or 3) pays in a month during a quarterly period.

• Reconcile Superannuation Liability – by employee to amounts paid (must be min 9.5% for 2015 subject to a max SGC ceiling of $4,695.85 per qtr)
• Bad debts to be written off on or before 30 June (prepare a resolution where appropriate)
• Obsolete Stock to be scrapped & disposed on or before 30 June (refer Stocktake above)
• Obsolete Plant & Equipment to be written off & scrapped on or before 30 June
• Directors Fees or Bonus  - resolve to pay prior to year end (by shareholders meeting)
• Dividends to be declared, should be resolved to be “paid” or credited prior to year end
• Debit Balance Loan Accounts (Division 7A loan) -  ensure all repayments/interest have been made in accordance with the Loan Agreement prior to 30 June via wages, cash or dividend
• Debit Balance Loan Accounts – if new, ensure loan agreement & resolution (Members resolution) is in place on or before 30 June
• BAS - complete Q4 & if applicable, supply yearly summary (annual GST return) with your tax information. Ensure you include GST for any Employee Contributions on motor vehicles, etc – Lodge & pay by 28 July, or such later date as allowed
• GST Tax Invoices  - ensure you have GST compliant tax invoices
• Prepayments – may still be available if you are a small business entity or a non-business taxpayer if period of service is < 12 months or ends in the next financial year
• Personal Services income –as a starting point confirm you pass the 80:20 rule & pass one of the tests to be a small business entity
• Non Commercial Losses (sole trader & partnerships) – confirm you comply with the deductibility tests & the new adjusted taxable income test.

The above is not a complete checklist or advice, but is intended as a guide to provide assistance.

Please contact the office in regard to any specific or detailed requirements.