EOFY – Streamline Management

Taxable Payment Annual Report (TPAR) 2023 lodgement deadline

If you have a construction, cleaning, IT, freight/courier or security business you need to report payments made for service to your subcontractors to the ATO.
This is one of the submissions that won’t cost you any money (assuming you lodge on time, otherwise expect a fine).
Construction is very broad – it includes engineering services, architects, communications construction, landscaping, retaining walls, swimming pool installation and wallpapering.
Need a hand to get the paperwork in by 28th August? Ask us to help.

August 28, 2023

TPAR (Taxable Payments Annual Report) for subbies due soon

Payments (cash basis) made to subcontractors (not employees) for their labour need to reported to the ATO by 28th August if you operate in the construction, IT, cleaning, courier/delivery or security space.
Nothing to pay the ATO on this lodgement – just paperwork! (A bit like group certificates, but for subbies)

July 28, 2023

Small Business Skills and Training Boost

This brand new piece of legislation has been back dated, you can claim an extra deduction for expenses in the last 15 months and the next 12 months.

July 7, 2023

2023 STP finalisation (Group Certificates)

It’s time to reconcile wages and submit STP finalisations to the ATO on behalf of your employees. You need to make the lodgement on or before 14th July.

July 5, 2023

Small Business Technology Investment Boost

This retrospective legislation finishes this week.
However, you can claim expenses you’ve already paid in running your business.
What does the ATO mean by ‘technology’? its pretty broad.

June 26, 2023

Group certificates and STP finalisation for staff 2023

Its June, so no doubt your staff are asking you about their group certificates (now called STP finalisation).
No so fast! Calm your farm!
Reconciliations need to be completed to make sure all payroll info is correct before submitting anything to the ATO.
You do not provide any documents to staff, everything is online.

June 23, 2023

Act now for 22/23 super

If you are managing your super cap or maximising tax deductions by paying super a little earlier – you’ll need to authorise the xero payment now. Right now!
If you aren’t chasing extra deductions as you haven’t got much of a profit or the super cap isn’t on your radar – as you were. Make payment by the standard due date 28th July.

June 14, 2023

2022/2023 financial year is coming to an end. Are you prepared?

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.
Take a look at your bottom line – before hitting the shops.

The end of the financial year is nigh, now is the time to prepare yourself. Make sure you take advice from licenced professionals.

May 26, 2023

2023 EOFY super contributions

To qualify for a tax deduction in the 2023 financial year,
or
if you are managing your annual super cap,
super contributions must be received (by fund) by 30th June.
Payments should be authorised in Xero by 14th June to meet the deadline.
The usual final deadline of 28th July still applies if you choose to not make an early payment.

May 18, 2023

Temporary Full Expensing ending soon

Don’t get caught up in the hype. Making big purchases for tax benefits may not benefit your business. There, we said it.
Read the fine print and understand the rules (or speak to someone who is licenced to explain the rules to you).
Don’t forget the salesperson would love to meet sales targets and get paid a big fat commission, but they are not licenced to give you tax advice.
Taking on lots of finance to shaft the ATO could cost you a lot more than you think!

May 17, 2023

Category: EOFY