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Financial Year End Must Do's

1) Trading Stock:
Stock takes are required unless your stock is less than $10,000 and your turnover is less than $1.3million

2) Bad Debts:
Bad Debts must be written off before 31 March in order to be claimed.  Make sure you have clear evidence of steps taken to write off.  Accounting entries must also be made before 31 March.

Bad Debts Procedure:    For each debt that you decide to write off as not recoverable, you need to prepare a business cheque for the GST inclusive amount and deposit the same into your business bank account by 31 March. This is on the basis that you are running a computerised Debtor’s ledger.


Should you have any questions concerning the above please contact your friendly Client Manager in the first instance (03) 477 8777.

Posted: Wed 30 Mar 2011