• Record: 
  • your income
  • your expenses
  • any cash payments or drawings (for example, incidental expenses, petty cash or wages paid in cash). 
• Reconcile your daily sales (both cash and EFTPOS) and enter the amount into your main business accounting software system – if you do this correctly every day, it will ensure the accuracy of your records over the year. Include your: 
  • Z-totals
  • cash register tapes (these can be disposed of after one month if you keep Z-totals) 
  • point of sale systems. 
• Remember, if you account for GST on a cash basis, you need to account for the GST payable on the sales you make in the reporting period in which you receive payment for them. 
• Bank all your cash income into your business account to ensure accurate record keeping and GST reporting.

• Record payments to employees. 
• Calculate pay as you go (PAYG) withholding and super payments. 

Report your employee's salaries and wages, PAYG withholding and super through a Single Touch Payroll (STP)-enabled software solution.

• Do your bank reconciliation. 
• Cross-reference payments with invoice numbers. 
• If you're registered for GST, your business activity statement (BAS) may be due. 
• If you're registered for PAYG withholding monthly or PAYG instalments monthly, your BAS may be due. 
• Check fuel tax credits records are accurate and complete, if lodging your BAS monthly (remember to apportion fuel use correctly). 

If you're not registered for GST, review your turnover in case you need to register for GST.

• Record details of super paid to your workers. 
• If you're registered for GST, your BAS may be due. 
• Check fuel tax credits records are accurate and complete, if lodging your BAS quarterly (remember to apportion fuel use correctly). 
• Complete PAYG withholding for your BAS. 
• Complete PAYG instalments for your BAS (if registered for GST) or your instalment activity statement if you’re not registered for GST. 

Your petroleum resource rent tax (PRRT) instalment statement may be due.

• Summarise income and expenses for the year and create a profit and loss statement. 
• Do a stocktake (if you have a significant amount or value of stock). 
• Summarise records of debtors and creditors. 
• Ensure you have records you need to work out a capital gain or loss for capital gains tax (CGT) – if applicable. 
• Complete records of depreciating assets. 
• You need to reconcile and finalise your employee's STP information through your STP-enabled solution by making a finalisation declaration by 14 July each year, or as soon as it’s ready. 
• If you’re not reporting through STP you will need to issue payment summaries to your employees, workers and other payees showing the payments you made to them and the amount you withheld during the financial year. You will also need to lodge your annual PAYG withholding report. 
• If you’re a private company, ensure you have records of all drawings, dividends and loans. 
• Lodge all your required obligations, reports and returns by the due date. You may have more time if you lodge through a tax professional.