The End of Financial Year comes around so quickly each year!  It is important that you are prepared and aware of the impending deadlines which need to be considered when processing tasks for the End of Financial Year.  Below we have outlined some key information to keep you on track:

1. The Minimum Wage has increased as at 01/07/2024. We recommend you review your wage rates for all employees and apprentices to ensure that you are paying the correct rate as at 01/07/2024.

2. STP Finalisation is due for submission to the ATO no later than 14/07/2024. This is very important as your employees will rely on this information to prepare their personal tax return. 

3. The Annual Payroll Tax Return is due for lodgement and payment by 21/07/2024. OSR QLD is very strict on payment and lodgement date, so it is extremely important that this is met if you are registered for payroll tax.

4. Superannuation lodgement and payment is due to the employee’s relevant superannuation fund by 28/07/2024.  Please ensure you allow for processing time within the clearing house. We recommend you make payment 3-4 days before the due date to allow for this time.

5. Renewal of WorkCover Declarations are due to WorkCover QLD by 31/08/2024. This renewal needs to be submitted and paid by September 2024 to ensure that you continue to hold a WorkCover QLD policy for your business.  Remember a WorkCover policy is needed if you pay a worker (employee/contractor) within your business – not just an employee.  If you are unsure on whether you should have a WorkCover policy in place, please give us a call today! 

6. Taxable Annual Payment Reports (TPAR) are due for lodgement to the ATO by 28/08/2024.  There is no payment due as a result of this lodgement, it is purely information only, but it is important that it is lodged by this due date. 

7. Other End of Financial Year Tasks:
    
   1. Have you recorded your Stock on Hand as at 30^th June 2024? 
    
   2. Have you recorded your Work in Progress as at 30^th June 2024?
    
   3. Have you recorded your Odometer readings for all business vehicles as at 30^th June      2024?
    
   4. Have you processed any employee bonuses correctly accounting for tax and superannuation?

If you think that any of the above might be relevant to your business, we recommend that you get in contact with your Accountant today!

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