As the 2017 financial year comes to an end and you are all finished focusing on optimising your 2017 tax positions, it is now time to think about the financial year ahead.

Some important tasks for the next 2 months are:

1. Prepare 2017 PAYG Payment Summaries and give them to your employees by 14 July;
2. If your FY2017 employment costs exceeded the payroll tax threshold ($750,000 for NSW), prepare and submit state payroll tax reconciliations by 21 July;
3. Pay June quarter employee superannuation by 28 July, if you did not already do so before 1 July;
4. Consider whether your individual PAYG instalments for the June quarter should be varied and submit the variation before 28 July;
5. Prepare and lodge your June quarter BAS by 28 July (11 August if using the ATO business portal);
6. Lodge your PAYG Payment Summaries with the ATO by 14 August;
7. Complete your FY2017 bookkeeping and get your accountant to prepare your financials and tax returns early. This will give you time to plan for any large tax liabilities as well as to reflect on the FY2017 results and how you can improve going forward;
8. Set your business and financial goals and targets for FY2018. You might consider setting a budget for your business for FY2018 (see following article on budgeting and forecasts).

You should also make sure you are aware of the lodgement due dates for your 2017 tax return. All returns are due by 31 October 2017, unless you lodge through a tax agent.  Lodgement due dates for returns lodged by a tax agent range from 31 October 2017 through to 5 June 2018, depending on your circumstances.