It may have come around faster than ever before, but EOFY is here – and that means deadlines and changes!

We are here to support you with a comprehensive overview of everything you need to get your business up to date and compliant as we head into the new financial year.

This month there are 3 key dates you need to note and make sure you don’t miss:

Tuesday 21 June

Deadline to lodge and pay your May 2022 monthly business activity statement (BAS).

Saturday 25 June

Deadline to lodge and pay your 2022 Fringe Benefits Tax Annual Return via your tax agent if lodging electronically.

Thursday 30 June

Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2021-2022 financial year.

Payroll Requirements

End of year finalisation through single touch payroll (STP)

All businesses must make a finalisation declaration for the 2021-2022 financial year by 14 July 2022. This is required to ensure your employees can access their information to complete their income tax return.

This will be done through your accounting software package.

This process replaces providing payment summaries (Group Certificates) to your employees. It is completely paperless, and all their data is available to them via the ATO online services.

If you want to learn more about STP and what information is reported, click here.

Payroll Tax

If you are registered to lodge and pay payroll tax monthly, you must submit your wage details every month – even if you do not have a payroll tax liability.

You must lodge an annual reconciliation by 21 July 2022 for the 2021-2022 financial year.

Super is due by 28 July 2022

Superannuation needs to be lodged and paid by 28 July to qualify for a tax deduction.

Super Guarantee changes start 1 July 2022

There are two significant changes impacting the super payable to your employees starting in the new financial year.

The $450 super guarantee threshold will be removed. Previously employees had to earn $450 before they were eligible to be paid superannuation – now it will be payable on all wages, no matter how much the employee earns

The super guarantee rate is increasing to 10.5%. Starting 1 July, you will pay 10.5% super for all your employees.

The tax tables in your accounting software will automatically update to reflect these changes and calculate them in the first pay period impacted.

A number of industries need to lodge their taxable payments annual report by 28 August 2022. This applies to:

  • Building and construction industry
  • Government entities
  • Cleaning services
  • Courier or road freight services
  • Information technology services
  • Security, investigation or surveillance services

It’s time to prepare your business records for end of financial year. That includes:

  • Stocktake – this includes retail stock and livestock. Accurate stock numbers help achieve the best tax outcome for your business.
  • Collate all your paperwork and receipts.
  • Get your bank reconciliations up to date.

If JH&CO assist with your annual tax return, let us know if you haven’t received your checklist to help you prepare.

We are here to support you

If you have any questions or concerns about the deadlines and changes coming up, give us a call. End of financial year is often a challenging time for business owners, and we are always here to support you to get through it.

Call us on 5831 1466 or email admin@jhco.com.au and we’ll organise a time for a confidential chat.