Getting Prepped for EOFY

April is a busy time. Everyone is gearing up and EOFY starts rearing its head.

So let’s get ahead of the pack and get organised early.

Getting your EOFY jig on

Wish you were one of those people who shopped for Christmas in September? Well, now you can be… with your Trust Account.

Our below tips on how to streamline your Trust Account will have you as smug as those super-prepared festive-season fairies.

So, let’s get to it.

1. Reconcile!

   Don’t let your reconciliations get on top of you. It’s amazing how quickly you can forget. It ensures you close your end-of-month on time.

   Closing dates per State and Territory are as follows – keep these dates handy to avoid a breach:

   NSW – within 21 days following EOM.
   VIC – within 14 days following EOM.
   QLD – within 5 days following EOM.
   WA – within 10 working days EOM.
   SA – at the end of each month.
   TAS – at least once in each calendar month.
   ACT – within 10 business days following EOM.
   NT – keep records in a timely manner so they can be conveniently and properly audited.

2. Allocate all unidentified funds

   If you have unallocated funds and they cannot be allocated, send them to the Office of State Revenue or Public Trustee (depending on state guidelines).

3. Allocate or refund tenant deposits

   If you are holding tenant balances in tenant deposit accounts, start allocating, aiming for a zero balance by June 30. Check held funds for Tenants and determine if you are to refund to the Tenant or apply to outstanding rent/invoices. Allocate and release them from the Trust as needed.

4. Archive properties, tenants and suppliers that are no longer active

   Archiving any properties/Tenants/Suppliers that are no longer active helps you to keep track of arrears, managements and outstanding bills. And moolah! A clean database.

5. Check all holds on owner funds

   Can you release your holds on Owner funds? Was there a large bill due and you placed a withhold on the account? It’s a common error to pay a bill and forget to remove the owners withhold. Remember all funds withheld must have a reason in writing from the Landlord.

6. Check adjustments and remove where possible

   As we all know, adjustments are the devil in disguise. Your auditor will be all over them like a nasty rash. Fix them as quickly as possible and aim to have them cleared by the end of each month and especially clear these down to $0 by June 30.

7. Check Owners disbursement

   Check Owners’ disbursement frequencies are correct with owner preferences and payment details up-to-date. Touching base with Owners helps to maintain rapport and a reason to make contact.

8. Ensure funds held in suppliers’ folios have been disbursed

   Speaks for itself really. Your suppliers are just as important as your Owners and Tenants. Make sure everything is in working order and you are paying funds to the correct account.

9. Bond Audit Health Check

   Review your Tenants’ bonds and make sure all bonds are lodged to the corresponding bond boards for your State. Keep and update Tenant bond references to avoid any issues.

2022 Final lodgment dates & FBT

Some additional reminders and tips for you just because we feel the love today.

1. 2022 income tax returns are due in May – so make sure you have gotten it done so you don’t get fined.
2. Your accountant should be sending you your FBT returns. Did you know just how happy you’d make your accountant and bookkeeper if you kept a log book? Just 1 for 12 weeks every 5 years or where circumstances change.
3. How is your cash flow looking and your tax for 2023? Have you been putting PAYG & super into a different account each pay run? What about 15% into a separate account for GST, and that little bit extra for income tax?

At the end of the day, setting yourself up for success is very important – and it’s super easy if you just follow our simple steps.