With the federal election and the 15^th of May tax lodgement deadline behind us, now is the time for business owners to prepare for the End of Financial Year.

Many of our business customers dread this time of year because of all the additional admin tasks and paperwork they need to fit into their already busy days. To get a headstart on your preparation and help reduce the stress that this time of year can bring, TJL’s Accounting team have a few simple suggestions to take on board.

• Start reviewing your accounting software to check that all transactions are up to date and recorded.
• Make sure your bank reconciliations are completed up to date.
• Collect your business bank statements (including loans and credit cards) to ensure you have each statement from the 1^st of July to the 30^th of June.
• If you have digital records, ensure that bank statements and all other documents are complete, up to date and saved where you can easily locate them.
• If you have made any major purchases or sold equipment during the year, make sure all the related documents and invoices are together and ready to provide to your accountant.
• If your business has inventory or stock on hand, start preparing and updating your stocktake sheets now, ready for the 30^th of June count.
• If your business has employees, confirm their details are correct and up to date. Important information includes their tax file number, superannuation fund details, current address and contact details.

Your client manager at TJL will be in contact with you over the coming weeks to discuss tax planning opportunities and provide further guidance on the preparation of your financial reports for the 2019 End of Financial Year. To make an appointment with your manager, please contact TJL in Forster on (02) 6554 9511 or Taree on (02) 6552 3233.