May 2024 IAS due – now
Hey monthly lodgers, if you haven’t already, remember to e-sign your May IAS to avoid any late lodgment fines. Best to make the payment too!
21/06/2024
Hey monthly lodgers, if you haven’t already, remember to e-sign your May IAS to avoid any late lodgment fines. Best to make the payment too!
The media has hardly mentioned it at all, so you may have missed it – New tax tables are effective from the first pay date from 1st July.
Xero will automagically update tax tables, you might have problems if you are still using old desktop software, maybe its time to catapult your business into the cloud?
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
Super should be authorised in Xero by Monday 17th June if you are chasing 2024 tax deductions (to soak up a profit) or if you are managing your annual super cap.
Super contributions must be received (by fund) by 30th June to qualify in this year and you need to allow plenty of time for payments to fly through cyber space.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
Xero is undertaking a major revamp of their subscriptions from 1st July 2024.
Speaking of pricing reviews, when was the last time you reviewed and updated your prices?
An annual evaluation is a great way to examine your costs and take a cheeky look at what your competitors are doing.
The Fair Work Commission has decided to increase minimum wages by 3.75%, to $915.90 per week or $24.10 per hour, for the first full pay period after 1st July 2024.
Updated awards will not be published until 1st July – so add an item to your TO DO list for later.
Last month of the financial year!
June is all about preparation, its shouldn’t involve panic!
Ask if you need a hand prepping for EOFY, sooner rather than later!
Last chance to take advantage of this bonus tax deduction.
Have you paid for training?
Are you considering booking training for your team?
Don’t go making crazy purchases without reviewing where you are at, and speaking to your tax accountant.
EOFY deals are great for salespeople trying to meet their commission targets, they might not really benefit you and your business.
Review your position
You can’t make sensible last minute decisions without data.
Let’s get your Xero file (or insert other software here) up to date, process everything still outstanding so you know exactly where you stand. There is not a lot of benefit spending more money, if you are already in a loss position. If you are in a surprise profit situation, it would be good to know before its too late to take action.
Speak to your expert and get customised advice about your situation.
Why did Sherlock Holmes get audited by the ATO?
He had too many deductions!
Sherlock may have been great at deductive reasoning, but he did have a few character flaws – don’t try to claim personal expenses as tax deductions and not expect an audit.
