The End of Financial Year (EOFY) comes around so quickly each year, but it also feels like so long ago!

With how digital everything is these days and how busy everyone is we see a lot of confusion nowadays about what you should be doing around EOFY.  So here is what to watch out for and the due dates:

1.      For any of the below apply then you should be tracking and recording this as at 30/06/2024:

·        Doa stock take and keep record your Stock on Hand as at 30^th June2024. 

·        Building and construction businesses should calculate and record your Work in Progress as of 30^th June 2024.

·        Do a livestock count and keep record your Livestock on Hand as at 30^thJune 2024 as well as number of purchases, sales, births, deaths and kills for rations throughout the year.

·        Recorded your Odometer readings for all business vehicles as at 30^th June2024.

·        Have you processed any employee bonuses correctly accounting for tax and superannuation?

2.      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.

3.      The tax tables and superannuation rate have changed as at 01/07/2024 also so make sure your software is up to date to calculate these properly for all pays from01/07/2024.

4.      Single Touch Payroll (STP) Finalisation is due for submission to the ATO no later than 14/07/2024. This is the old group certificates/payment summaries process so it is very important as your employees will rely on this information to prepare their personal tax return. 

5.      The Annual Payroll Tax Return is due for lodgement and payment by 21/07/2024.  The Office of State Revenue are very strict on payment and lodgement date charging interest daily, so it is extremely important that this is met if you are registered for payroll tax.

6.      Superannuation lodgement and payment is due to the employee’s relevant superannuation fund by28/07/2024.  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.  The ramifications of this being late even by 1 day are astronomical so make sure you don’t miss this!

7.      For those registered for GST the June quarter Business Activity Statement is due for lodgement and payment either 28/07/2024 if lodging yourself or 26/08/2024 if getting us to prepare and lodge it for you.  We recommend that we do the June BAS for our clients to reconcile the GST and PAYGW obligations for the financial year and gain that additional time to lodge and pay.

8.      If you are in the following industries and pay subcontractors then a Taxable Annual Payment Reports (TPAR) is due for lodgement to the ATO by 28/08/2024:

·        Building and construction

·        Cleaning

·        Courier and road freight

·        Information technology (IT)

·        Security, investigation or surveillance.

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. 

9.      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 or 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! 

If any of the above applies and you would like our help then reach out today and we will get you sorted.

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