End of Financial Year Timeline

Now is the time to begin the EOFY planning for financial and tax purposes; therefore, this month’s newsletter is focused on what you need to consider in preparation for the financial year-end.

Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.”

Take this opportunity to make your End of Year stress-free by using the timeline and your trusted advisor to prepare for the end of the year calmly.

In May

Prepare your End of Year Plan
21 May: Lodge and Pay Monthly IAS/BAS – April
28 May: Fringe Benefits Tax annual return – due date for payment.

In June

21 June: Lodge and Pay Monthly IAS/BAS – May
25 June: Fringe Benefits Tax annual return – lodgement due date for tax agents (if lodging electronically). Payment (if required) is due 28 May.
Prior 30 June: Super Guarantee Contributions must be paid (to fund) by this date to qualify for a tax deduction in the current financial year.
30 June: Complete the Stocktake.

In July

14 July: Complete the EOFY STP Finalisation to make the employee Income Statements available in their MyGov accounts.
14 July: Complete lodge and pay the Qleave return.
21 July: Lodge and Pay Monthly IAS/BAS – June
21 July: Payroll Tax annual reconciliation
28 July: Lodge and pay  Quarter Business Activity Statement unless an extension is available
28 July: Pay June Quarter Superannuation Guarantee (unless already paid before June 30)

In August

21 August: Lodge and Pay Monthly IAS/BAS – July
25 August: Lodge (TPAR) Taxable Payments Annual Reports

In September

Meet with your trusted advisor to finalise the ‘End Of Year’ file
Send final ‘End Of Year’ information to Accountant