XERO provides a variety of resources to help you get your books in order for your accountant. The main goal is to give you an accurate set of books that will allow you to understand and gain insight into how to better manage your business. Your books a… Read on blog or Reader Bookkeepers & Business Owners Read on blog or Reader XERO – EOFY – End of Financial Year 2024 Australia – Accounting and XERO payroll end of financial year STP finalisation Account keeping plus (Business accounting software June 13 End of Financial Year 2024 Australia - Accounting and XERO payroll end of financial year STP finalisation XERO provides a variety of resources to help you get your books in order for your accountant. The main goal is to give you an accurate set of books that will allow you to understand and gain insight into how to better manage your business. Your books and accounts contain valuable information that can give you a clear picture of your business's financial health. This information can also help you identify areas that need improvement in order to enhance your business's financial performance. When is the Australian financial year? The Australian financial year (also the Australian tax year) runs from 1 July to 30 June. At midnight on 30 June, the financial year ends, your business books are closed, once all records are entered and reconciled, and you report your financial situation to the Australian Tax Office (ATO). They use this information to figure out how much tax you owe. 1 EOFY checklist - Summary Reconcile bank, PayPal, Stripe, Square and credit cards to 30 June date to the statements Reconcile Payroll, PAYG, super Finalise Payroll STP Stock Take – reconcile Inventory Sales and Purchases all entered as dated up to 30 June BAS – review detail reports and any adjustments required ready for 28 July State Payroll Tax – report in July Superannuation – previous month or quarter – due 28 July Workcover – can lodge online in July, once Payroll completed 2 Key Dates to action Here are the important EOFY milestones you need to know. Check out their handy key dates calendar so you can meet your year end requirements on time. 30 June: The Australian financial year runs from 1 July to 30 June. At midnight on 30 June, the financial year ends and your business books are closed off. Super contributions must be paid to qualify for tax deductions. 14 July: Reconcile your payroll in Xero so you can submit your end-of-year ATO finalisation declaration via Single Touch Payroll (STP) by 14 July. Your employees can then complete their income tax returns. 28 July: Lodge and pay your Q4 business activity statement (BAS). If you lodge online, you may be eligible for a 2-4-week extension. If you have employees, your super and PAYG instalments are also due. 31 Oct or 15 May next year: You have until 31 October (personal) or 15 May (business, SMSF) to submit your tax return, but there are exceptions. Check the ATO website or ask your tax agent. 3 You may need to do a stock take Unsold stock/inventory needs to be declared as an asset in  the balance sheet. Count what you have and assign a value to each item. If you carry a lot of inventory, consider getting an app to keep track of it. An inventory app allows you to record inventory as you buy it. It'll also sync with your sales system, so items are subtracted from your inventory as they're sold.  Perform a stocktake count and record any adjustments to inventory items. For more information on stock adjustments. Tip: Run an Inventory Item List report to help with stocktake. 4 Resources from Xero to prepare end of financial year A great resource page that has  links to key dates, jargon buster, payroll reporting, STP finalisation of payroll year end, and more GO HERE. Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE "Avoid these GST mistakes" – There's 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or  call 0407 361 596 Australia Comment Like You can also reply to this email to leave a comment.

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