2024 EOY is almost here, a few quick tasks to keep it rolling over smoothly

While there is a lot of planning that we can do together at any point over the year, there are always some quick tasks that are date sensitive and need to happen prior to the end of the Financial Year on 30 June.

Here are a few considerations.

Important Note

We have seen an increase in scam activity. Please be vigilant and never give out any personal information requested on a phone call or email unless you have verified the ID of the caller/sender. If in doubt have them call us!

For Business

• Do you have any big jobs on? Consider delaying the invoice until July for an extra year of cashflow.
• Are there any invoices that have turned bad? While this isn't ideal, you may as well write them off before you have to pay tax on these.
• Is anything on the asset/expense shopping list in the next few months, June is a great time to buy up. Be it for Materials or Machines or Tech. Anything you need that is under $20,000 can be written off immediately. 
• Time to finalise the Payroll.
• If any staff have worked well for a bonus, get that tax deduction by paying before the end of the month.
• Once everyone is paid the Finalised STP reporting can be submitted.
• Pay outstanding super early, it must clear the superfund before 30 June (which falls on a weekend this year). To be safe allow at least a week.
• If you have any available cashflow, consider topping up your own personal superannuation.
• ATO is increasingly active in superannuation audits of employers, please ensure that super is paid by the due date, no later than 28 days following the quarter end.
• If you are in business in certain industries engaging independent contractors, you will need to lodge a Taxable Payments Report with the ATO. 
• These industries are Building and Construction, Cleaning, Courier, Road Freight, IT, and Security and Surveillance.
• TPAR ATO Link



For Individuals

• Deductions! If you have upcoming work costs, June is a great time to buy. If you wait until July, then the tax deduction is a whole extra year away.
• If you have any available cash, consider topping up your own personal superannuation.
• If you are considering selling any investments in property or shares, be careful that the time that you are taxed is the contract date, not the date you receive the money.