6 important EOFY reminders for business and farm owners
As the end of the financial year (EOFY) approaches, farm and business owners can ensure that their financial affairs are in order by completing several crucial tasks to avoid penalties and ensure compliance with regulations.
“To stay on top of those responsibilities, we’ve compiled a list of important reminders that assist in navigating the critical periods before and after the new financial year,” says Carrick Aland Client Manager Jenny Lambley.
Trust distribution resolutions must be finalised before 30 June. “It is crucial to address trust distributions and determine the allocation of income and how recent legal cases may impact your choices.”
For businesses utilising vehicles, record odometer readings to comply with logbook requirements. And completing a stocktake should be conducted either at or before the end of the financial year.
In the new financial year, the Super Guarantee rate increases to 11% on 1 July.
Employers must ensure that employees receive the correct amount of superannuation. This is easily achieved by checking that payroll settings are updated to calculate the new rate.
“Finalise payroll reporting for Single Touch Payroll (STP) by 14 July to ensure that your payroll records are in compliance with regulatory requirements,” says Jenny. “And if your annual wages bill exceeds $1.3 million, the State Payroll Tax annual return must be lodged by 21 July.”
Workcover declarations must be made by 31 August, with a discount available if payment is made by mid-September. It is important to consider what is deemed as wages for Workcover and the potential exemptions that may apply to apprenticeships and directors when calculating the amount due.
For businesses in the building sector, cleaning services, road freight and other industries, the Taxable Payments Annual Report needs to be lodged by 28 August.
“This report requires you to provide the ABN of each contractor you have engaged during the year, along with the amounts paid for their services,” added Jenny.
To access additional free resources and information to assist you during tax time, visit our Checklists and Factsheets page. Alternatively, contact Carrick Aland in Dalby, Toowoomba or Chinchilla on 4669 9800.