Get sorted for End of Financial Year
In the coming weeks, our team will be helping you get ready for EOFY. On this page, you will find links to helpful articles, guides and videos to help you through your busiest time of year.
What you need to know for End of Financial Year.
Our team are here to support you with tips, advice and guidance in the lead up to EOFY.
Read the most frequently asked questions that are coming to our team. |
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Click to view our guide to resolving common errors and discrepancies that can arise during your EOFY process. |
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We've compiled some of the best practices to prepare you for End of Financial Year. |
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We strongly urge businesses to lodge an update event (for each pay schedule) in preparation for EOFY. This will allow you to easily reconcile your data prior to your finalisation event and determine if there are any areas that need addressing prior to completing EOFY processing. |
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View this guide to ensure your system and employee settings are all correct. We also walk you through how to run a highly recommended RESC audit. |
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View our step-by-step guide on how to complete the end-of-year Reconciliation. |
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View our step-by-step guide on how to process finalisation events using the EOFY wizard in the platform. |
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Watch our video outlining the STP Finalisation process. |
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Click to view our practical guide to help you submit support requests in the best possible way, for the quickest possible resolution during this busy time. |
Hot Tips
Some things to note for EOFY.
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There are 10 common reasons you may experience issues when lodging an STP event, that can be classified as a Validation Warning or Lodgement Error. View our blog to find out more. |
There are several tutorials you can access that walk you through understanding the impact of STP Phase 2 reporting requirements. |
Lodging an Update Event
We strongly urge businesses to lodge an update event (for each pay schedule) in preparation for EOFY. This will allow you to easily reconcile your data prior to your finalisation event and determine if there are any areas that need addressing prior to completing EOFY processing.
EOFY Calendar
From August to April, we recommend running a reconciliation monthly. This will ensure a smooth End of Financial Year process. Click the button below to learn how to run a reconciliation.
May 2024
15
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Partnership & Trust Income tax returns are
due to be lodged.
Company income tax returns are due to be
lodged and paid.
- 2023 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession, are due to be lodged.
-
Companies and super funds are due to be
paid (if required).
Helpful Hint
Individuals and trusts in this category pay as advised on their notice of assessment.
21
- April 2023 monthly Business Activity Statement (BAS) is due to be lodged and paid.
- Final date to add new Fringe Benefit Tax (FBT) clients to your client list to ensure they receive the lodgement and payment concessions for their fringe benefits tax returns.
- Fringe Benefit Tax (FBT) Annual Return is due to be lodged and paid if lodging by paper.
28
- Fringe Benefit Tax (FBT) Annual Return is due to be lodged and paid if lodging electronically.
June 2024
5
-
Tax return for all entities with a lodgement
due date of 15 May 2024 if the tax return
is not required earlier and both of the following
criteria are met are due to be lodged:
- non-taxable or a credit assessment in the latest year lodged
- non-taxable or receiving a credit assessment in the current year.
Helpful Hint
This includes companies and super funds but excludes large/medium taxpayers and head companies of consolidated groups.
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Tax returns due for individuals and trusts with
a lodgement due date of 15 May 2024 are due to
be lodged,
provided they also pay any liability due by this date.
Helpful Hint
This is not a lodgement due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
21
- Lodge and pay May 2024 monthly Business Activity Statement (BAS) if lodging monthly.
25
- Fringe Benefit Tax (FBT) Annual Return for tax agents is due to be lodged and paid if lodging electronically through the practicioner lodgement service (PLS).
30
- The financial year ends today! Prepare for end of financial year (EOFY).
- Pencil's down....time to wrap up your books for the 2022/23 financial year!
July 2024
1
- A new financial year begins today!
- Individual income tax returns are due from now until 31 October if preparing and lodging yourself.
- Sole trader/self-employed tax returns are due from now until 31 October if preparing and lodging yourself.
- Partnership tax returns are due from now until 31 October if preparing and lodging yourself.
- The Superannuation Guarantee Contribution (SG) percentage increases to 11.5%, effective for all pay runs with a date paid on or after 1 July 2024. The maximum quarterly contribution base also increases to $65,070.
14
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For employers not submitting via STP, Pay As You Go (PAYG) payment summaries will need to be issued to employees (as the employer).
Helpful Hint
This is in myGov for your employees if reporting with STP.
21
- June 2024 monthly Business Activity Statement (BAS) to be lodged and paid if lodging monthly.
28
- Quarter 4 (April - June) 2024 quarterly Business Activity Statement (BAS) to be lodged and paid if lodging quarterly.
- Super guarantee contributions (SGC) for Quarter 4 (April - June) 2024 are due to be paid.
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