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.
05/07/2023
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.
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.
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.
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.
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.
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.
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!
If you have subbies, you may need to lodge a Taxable Payments Annual Report (TPAR) by 28th August.
Click through for more info on industries required to submit and ATO links
Annual ‘STP Finalisation’ to the ATO by 14th July.
(This replaces providing Payment Summaries/Group Certificates to your staff
and submitting the Payment Summary Annual Report (PSAR) to the ATO.)
Staff will not be receiving any documentation, they will be able to access details in their MyGov account.
Here we are approaching the end of another quarter and year!
Payments made to suppliers up today result in GST credits on June BAS for cash reporters.
For accrual reporters, payments result in happy suppliers
