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End Of Financial Year 2018: Get ahead of the game with Tailored Accounts

It's nearing end of financial year 2018. And because it’s super busy, Tailored Accounts would like to save your time by sharing some important dates in preparation for FY 17-18.

Super contributions

To be eligible for tax deduction in the current Financial year, your final superannuation guarantee payment for FY 17-18 should be made 7-10 days before 30 June 2018 (allow for delays) to ensure that super funds receive the contributions by 30 June 2018.

Salary Sacrifice Super payment will happen on the same date to ensure that the salary sacrifice super contribution appears in this financial year’s payment summary.

If your Super is being managed by Tailored Accounts, all the deadlines will be met so there won’t be any hassles! Super reports and reminders will be sent out well in advance so that you will have sufficient time to review and make super payments before the deadline.

Make sure you are aware of the following rules:

  • The concessional contribution cap is $25,000 for all the individuals regardless of age for this income year 2017-18.
  • Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and employee personal contributions claimed as a tax deduction

Payment Summaries

Tailored Accounts will be preparing Payment Summaries on behalf of our clients and submit them to the ATO. By 14 July 2018, your employees should receive their payments summaries from our team. We will send payment summary annual report to the ATO by 14 August 2018.

If you are managing your own payroll, you will also need to have Payment Summaries ready for employees by 14 July 2018 and the ATO by 14 August 2018.

Final Business Activity Statements for FY 17 - 18

April – June 2018 BAS is not due until the 28 July 2018. Tailored Accounts will be asking our clients to send us the quarterly paperwork few days after 1 July 2018. This will help us with End of Year reconciliation and ensure that your BASs are complete before the due date.

Thank you for entrusting Tailored Accounts for your EOFY services – We guarantee 100 percent of your payment summaries are completed before the due date 14 July!

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Reconciliation of Your Payment Summaries

The six important steps of payment summary reconciliation that employers often overlook. 

Payment summaries generation is a simple task, however the back end reconciliation does take half to a day of work. Here are list of 6 STEPS that our staff have to go through to ensure that your payment summaries are faultless!

1. Reconcile all staff payslips in the past 12 months with BASs submitted to ATO during the year. Incorrect payment summaries is the biggest trigger to an ATO tax audit...we understand how important it is to ensure our data is perfectly matched with ATO data;

2. Reconcile all staff payslips information: Gross Salary, PAYG withholding, FBT, Super payable, Salary sacrifice, Termination pays. A full reconciliation between payroll report vs General Ledgers are conducted for the full year to ensure your staff pays are agree with what coded into your accounting software for the last 12 months; 

3. Once ATO = Pay summaries = General Ledger (debit/credit), our staff will print payment summaries and re-check them with employee payroll setup to ensure their pays are in line with their contract/award;


4. Payment summaries to be email to business owner/HR manager/CEO to check before we email to your staff;

5. Payment summaries to be emailed to staff before 14th July;

6. After 1 week from sending staff payment summaries, if we don't need to do any amendment, we will send Annual Payment Summaries to ATO before the DUE DATE 14th August.

 

 

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5 end of financial year tips for small businesses

If you are a small business, it is highly likely that you need to do everything to manage your business, from administration, marketing to bookkeeping. It is running well and you believe you are able to manage it until the end of financial year approaches. One client shared with us that EOFY used to be her nightmare and she was always lost with massive paperwork. 

End of financial year bookkeeping tips 

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How to Get the Biggest Tax Deductions from Charitable Donations

By Ken Berry

Reprinted from CPA Practice Advisor

At the end of the year, socially-conscious clients can boost their deductions, and thereby lower their tax bills, by giving a little extra to the charities of their choice. That’s still a sensible tax strategy as 2014 draws to a close. But a recent tax law change may give some upper-income individuals a moment’s pause before they reach into their pockets.

Tax deduction tips for business

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Personal Tax Rates

The Budget confirmed that from 1 July 2015 the tax free threshold increase has been deferred. The increase in the tax free threshold has been linked to the carbon price achieving $25.40 per tonne. This is projected to occur in the 2018-19 year.

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