EOFY tips from our connectivity partner MYOB

It’s time for all Australian business operators to start preparing for tax season. The Australian Tax Office (ATO) may not need your return until October 31 but you’ll need to start preparing as the end of the financial year approaches on June 30.

Thankfully, you can take a lot of the stress and hassle out of tax preparation thanks to our friends at MYOB who have created this great promotional offer

for shell card holders. MYOB's Business Management Platform offers a wide range of tools and the assistance needed to make tax time easy and seamless. Better yet MYOB's accounting software is integrated with the Shell Card

, so you can now automatically keep track of all your purchases throughout the year. But there are other advantages of using MYOB

Review your records

The ATO requires businesses to keep records for at least five years, so you need to make sure you comply. Managing years of receipts and endless paper trails can very quickly can get tricky and overwhelming. MYOB offers several solutions to make record-keeping easier, by forwarding Shell Card transactions and invoices directly into MYOB's accounting software, traceability and reconciliation has never been easier.

Is your BAS up-to-date?

Your Business Activity Statement (BAS) is designed to ensure all your obligations are lodged and up to date for the financial year. So, make sure you have lodged and paid all your outstanding BASes so you can sort your annual return out without problems.

Do you need to file a TPAR?

TPAR stands for Taxable Payments Annual Report and it’s an ATO requirement for businesses across multiple industries that pay contractors and subcontractors. The ATO has been expanding the list of industries that need to file a TPAR so you need to check if you need to well before the August 28 deadline.

Finalise payroll and superannuation

An obvious step in the taxation process is reconciling your payroll and super obligations for the financial year. MYOB software can help you with this to ensure you get it done by the July 14 deadline for the ATO’s Single Touch Payroll (STP) system.

Take stock

If you have a business that carries stock, you should use June 30 as the deadline to do a complete inventory to understand your position at the end of the fiscal year.

This is also a good opportunity to assess any significant equipment assets or any liabilities, such as customer deposits and gift certificates, as these can impact your financial position.

Complete reconciliation

Ensuring your financial records are accurate and that they match your actual transactions is critical for any business, so the owner, manager or accountant will need to sit down and reconcile all the details for FY23/24.

Look ahead to FY24/25

It’s never too soon to start on next year’s tax return to make the process as easy and accurate as possible. The team at MYOB can keep you up to date with changes to the tax legislation and assist throughout the year to make next year’s return a breeze.

^Disclaimer

^{Viva Energy Australia Pty Ltd (“Viva Energy”) has compiled the above article for your general information and to use as a general reference. Whilst all reasonable care has been taken by Viva Energy in compiling this article, Viva Energy does not warrant or represent that the information in the article is free from errors or omissions or is suitable for your intended use.}