Year-end accounting in this context means getting your accounts in order for your accountant to complete the tax component on the assumption you do not want us to prepare the tax return. We check every transaction in your accounting software to check the following:
- GST is recorded correctly.
- GST reconciles.
- PAYGw is recorded correctly.
- Wages reconcile and their reporting on the BAS and STP reporting to the ATO. These all need to match.
- Superannuation payments are made correctly and therefore qualify for a tax deduction.
- Entertainment is in the correct account without GST.
- Private transactions are in the correct loan account and that there is nothing in the loan account that should be deductible and coded elsewhere.
- Reconcile/review all items in the balance sheet.
- Identify any significant Profit and Loss movements and report them.
- Any errors we find we will report to you, fix and report or follow the procedure you have already in place.
Once we have completed the full review and received answers to the queries the tax return can be completed. Before it gets to you a senior manager has reviewed the work done by your staff.