End of year is fast approaching, and we are already in the final quarter.
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 calmly prepare for the end of the year.
21 April: Lodge and Pay Monthly IAS/BAS – March
28 April: Lodge and Pay Quarterly BAS – January to March
Check employees have signed an authority to allow you to email their payment summaries.
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.
21 June: Lodge and Pay Monthly IAS/BAS – May
25 June: 2017 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 2016–17 financial year.
30 June: Stocktake completed
14 July: Prepare and distribute Employee Payment Summaries
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 extension is available
28 July: Pay June Quarter Superannuation Guarantee, (unless already paid before June 30)
14 August: Lodge Employee Payment Summaries
21 August: Lodge and Pay Monthly IAS/BAS – July
25 August: Lodge Taxable Payments Annual Reports
Meet with your trusted advisor to finalise the ‘End Of Year’ file
Send final ‘End Of Year’ File to Accountant
21 July: Lodge and Pay Monthly IAS/BAS – August
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