Author: Tailored Accounts
It's nearing the end of the financial year. And because EOFY is always a hectic time of the year, Tailored Accounts would like to save you some time by sharing some important dates to be aware of so you can get ahead of the game.
To be eligible for a tax deduction in the current Financial year, your final superannuation guarantee payment for EOFY should be made 7-10 days before 25th June (allow for delays) to ensure that super funds receive the contributions by 30th June.
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 hassle for you! 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 $27,500 for all individuals regardless of age for this income year.
- Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and employee personal contributions claimed as a tax deduction
Single Touch Payroll (STP) Submission & Reconciliation
If you are managing your own payroll, you will need to have STP ready for employees by 14th July and the ATO by 14th August.
Tailored Accounts will be preparing STP on behalf of our clients and submitting them to the ATO. We will submit STP to the ATO by 14th August via STP enable software. Your payroll summary (which used to be called payment summaries) will automatically show up in your MyGov's ATO section.
Final Business Activity Statements for this FY
April – June BAS is not due until 28th July or 25th August if you are using BAS/Tax Agent to lodge online. Tailored Accounts will be asking our clients to send us the quarterly paperwork a few days after 1st July. 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 with your EOFY services – We guarantee that 100% of your payment summaries are completed before the 14th July due date!