June is a great month to review contracts, equipment and fixed assets so your business keeps running smoothly, and make sure your customer service is keeping customers coming back for more.
Get ready for tax time
EOFY tax obligations for employers
Employers must finalise their Single Touch Payroll (STP) data with the ATO by 14 July each year.
If you're set up for STP reporting, you don't need to provide employees with a payment summary.
Exemptions to STP reporting
Employee share schemes
If you operate an employee share scheme you must:
- provide an ESS statement to your employees by 14 July
- lodge an ESS annual report by 14 August
Of course, your business will have other end-of-year obligations. For example, lodging an income tax return to report your business income and claim business-related deductions. What you need to report, by when and how you lodge the annual tax return for your business depends on your type of business entity.
Lodging yearly reports and returns
Find out more about your what end-of-year reports you need to lodge as part of your tax and super obligations.
Engage an accountant or tax agent
If you have or need an accountant or tax agent to help you with your business taxes, you can check their registration status in the following ways:
Watch out for scams
Scams are common around tax time. Be wary of anyone who calls or emails you about a tax refund or tax debt.
Review equipment and fixed assets
Keep your business equipment and assets in good running order to avoid losing revenue or unexpected replacement costs if they break down.
How to review equipment and fixed assets
- Make a list of the equipment and assets of the business – review your bookkeeping system and print the list.
- For each item on the list, do a physical check on operational effectiveness.
- Note any items in immediate need of maintenance.
- Highlight items that require spare parts that can be stocked and ensure adequate parts are available.
Also include the following measures in your ongoing business operations:
- Regularly maintain equipment and assets – have a maintenance schedule that ensures a person is responsible for maintenance of all key assets.
- Ensure high-value assets are covered by warranty or insurance.
- Keep an asset register that has all the relevant details such as purchase date and price, location, maintenance schedule and spare parts required.
Review key business contracts
Understanding your business contract responsibilities will ensure there are no surprises to your business operations that could result in interruptions and loss of revenue.
How to review key business contracts
- Review all key contracts in the business – such as leases, hire purchase agreements, staff contracts, insurances, rentals, utilities – against business needs.
- For each contract, make a list of any compliance requirements and put key dates in your diary.
- Assign responsibility to staff to ensure each compliance requirement is met – include these compliance tasks in your financial policies and procedures manual.
- If during the review you discover possible changes or improvements, negotiate with the supplier for these changes.
When managing business contracts and compliance:
- keep all key business contracts filed together in a safe, easy accessible place – consider keeping copies offsite so you have a back-up in case of fire or another emergency crisis
- where compliance requirements are assigned to a staff member, regularly check they're meeting the requirements
- read the entire contract and make sure you understand what's required from the business – if there are words or terms you're not sure of, ask for an explanation
- think about any potential problems that may arise in your business – consider the impact on your major contracts and then discuss these with the supplier
Review customer service
The success of your business relies on good customer service that entices customers to return and tell their friends about your business.
How to review customer service
- Look at all key features of your customer service and how it's delivered – such as enquiries, orders, sales and packaging, and deliveries.
- Have a policy and procedure in place to ensure all staff provide consistent good customer service.
- Maintain regular contact with your customers through email newsletters or other tools – keep them up to date with information such as new products and services, or specials.
When reviewing your customer service:
- understand what's important to your customers – keep a database with details of purchases and orders to make sure you know what your customers want
- be sure to have a marketing strategy in place so you're using the right communication tools to reach your customers
- consider starting a loyalty program to reward your regular customers