If you EOFY date is May please read…
9 May 2024
If you’re balance date/end of financial year is 31 May, there are a few things you need to do to help us prepare your financials.
- Take a stocktake
- If your business sells products/has stock, you’ll need to do a stocktake on 31 May. If you’re a business that sells products, then you need to take a stocktake of your physical inventory. If you’re a farmer, then you need to take a physical livestock tally.
- Send in your EOY papers
Compile a folder (digital or hard copy) with a copy of the following documents:
- Bank statement that shows the balance on 31 May 2024 for all your bank accounts and loans.
- Insurance invoices.
- ACC invoices
- Loan statements for the year (if applicable).
- Any new loans or refinancing documents.
- Invoices for assets purchased and sold
- GST workings and reports
- Submit the online questionnaire
In late May/early June, you’ll receive an email from us with an online questionnaire to fill out and submit. If you haven’t received this by the end of June, let us know.
The Christmas season can create payroll challenges, but understanding the rules can help you stay compliant. Annual Leave: By law, employees are entitled to four weeks of paid leave per year. To avoid last-minute staffing problems, set clear deadlines for leave requests. Holiday Pay : Employees must be paid for public holidays that fall on their regular workdays. Keeping up-to-date employee records and rosters ensures accurate payment. Christmas Closures : Plan ahead for any business shutdowns. You must provide at least 14 days' notice before a closure. If an employee doesn’t have enough leave, they must be paid 8% of their gross earnings since their start date or their last leave entitlement, minus any leave paid in advance if agreed upon. Cashing Up Leave : If it’s part of the agreement or you choose to allow it, employees may cash up to one week of annual leave each year. However, you cannot pressure them into doing so. Casual Workers : Casual employees should receive an additional 8% on top of their earnings instead of accruing leave, and this must be clearly shown on their pay slips. With careful planning, you can keep payroll running smoothly, allowing both you and your team to enjoy a stress-free holiday season. Feel free to reach out if you need any assistance or clarification.
This time of year can be hard on small businesses. With a bit of pre-planning and being proactive, you can set yourself up for a financially stress-free holiday. Talk to us. We can help.
Is your digital marketing strategy still fit for purpose? We outline four key elements your business should be using to advertise your brand and engage with new customers.
To discuss all your account matters please call us on 09 438 1001
