Things to think about at the start of a new financial year
Now that we are have started a new financial year, there are a lot of upcoming compliance deadlines that business owners need to be aware of:
Compliance Due Dates:
STP (Single Touch Payroll) Finalisations for 2024FY are due the 14th of July. This means that all your payroll data needs to be processed, reconciled and sent to the ATO so your employees can then prepare their income tax returns.
Superannuation Guarantee Contributions: Ensure timely contributions for your employees. The June quarter is due 28th July. Or even better if you’ve already paid it so you can claim the deduction in last financial year.
June BAS (Business Activity Statement): Due by 28th July (if lodging yourself) or 26th August if using an Agent (like Bayshore Bookkeeping!)
Individual Tax Returns: Personal tax returns (if lodging yourself) are due 31st October.
Taxable Payments Annual Report: Certain industries who use the services of subcontractors need to lodge a (TPAR) and this is due 28th August.
Company Tax returns and Individuals who use a Tax Agent: Are due 15th May.
The new financial year is also a fantastic time to:
Review your business plan
Set new goals for the year ahead
Review last financial years performance
Create a new budget and cashflow forecast
Monitor your progress regularly
Reach out if you need any assistance. :-)