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
We will need to file an 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.)
Last chance!
Approve super in Xero by 2pm today to ensure payment is received by 30th June.
(If you’re not chasing the earlier tax deduction, then the usual deadline of 28th July still applies.)
EOFY
Are you prepared?
As always, speak to your expert about your business circumstances – the salesperson at the dealership or officeworks is not licenced to give you advice, they are trying to sell you something.
Buyer beware!
Are you ready?
You can’t make sensible decisions without data.
Bring your data file up to date and respond to your bookkeepers questions.
Don’t spring last minute questions on your experts – schedule a meeting with plenty of notice!
STP finalisation for staff is due by 31st July – make sure you reconcile your payroll accounts BEFORE you press the button.
If we manage the whole payroll shebang for you, we have reconciled your accounts and need your permission to finalise – make sure you review and sign.
If we are supporting you, but you are the STP submitter for your business, we have sent you instructions on how to finalise.
Who? What? When? Where? Why? Reach out if you need a hand to sort out your payroll!
