Tomorrow is 1 June, it’s not only the first day of winter it’s also the beginning of the end of the 2017-18 financial year and Business.gov.au have published handy info on record keeping, changes to GST, and how to prepare for a stocktake, so businesses can be prepared for EOFY.
Business.gov.au have published an article on record keeping for small business owners, emphasising the benefits and legal requirements of record keeping. The benefits of record keeping include: keeping track of the business’ health, making tax return preparations easier, managing cash flow and being able to demonstrate the business’ financial position to banks or lenders when the need arises. The legal requirements for record keeping are keeping them for a minimum of five years and in English or a form the ATO can understand. The article also talks about storing records electronically and the tax records small business need to keep. The article can be read in full here.
Business.gov.au also published an article on impending changes to GST. From 1 July, GST will apply to retail sales of low value physical goods ($1000 or less) that have been imported to Australia and sold to consumers. This means that businesses that meet the $75,000 GST registration threshold and sell low value physical goods that have been imported need to register for GST and charge GST to customers on these low value imported goods (unless the goods are GST-free). This article can be read in full here.
Business.gov.au’s article on preparing for a stocktake emphasises the advantages and costs of a stocktake, as well as tips to help businesses complete it. Businesses that have a turnover of $10 million or more, or have a turnover of less than $10 million but the difference between their stock level at the beginning and end of the year is more than $5,000, are legally required to complete a stocktake. This article can be read in full here.
The 2017-18 financial year ends on 30 June.
Image via Pixabay.