End of Financial Year Timeline

Written by Rob Boon

End of Financial Year Timeline Image

The end of the 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 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

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