Stay smart with EOFY strategies that ensure a healthy financial future for your business
As June 30 approaches, we often get bombarded with tips to boost tax refunds, from claiming deductions to making voluntary super contributions.
A common trap is the rush to make last-minute purchases to cut a tax bill or secure a refund. While big buys like a company car or new tech can be good investments if they enhance revenue or productivity, spending more doesn’t always mean saving more on tax.
Not all expenses are created equal; chasing deductions without understanding their impact can be costly, especially with ongoing repayments in the current economic climate. Remember, the small business tax rate is 25% so you can only claim 25 cents for every dollar spent on deductions.
Avoid the temptation of last-minute deductions with these tips:
- Assess the long-term value of any purchase
- Understand the true impact on your bottom line
- Plan your spending strategically throughout the year.
As we dive into the busy season, it’s time to get those housekeeping tasks and recordkeeping best practices in order for June and July. While you can always check our website for the full list, we’ve highlighted the crunch dates here:
- 2PM 18 June 2024 — Process employee outstanding super payments
- Before 30 June 2024 — Review pay items and staff settings
- By 30 June 2024 employees’ STP finalisation — Post and file any pay runs for the 23/24 financial year
- Before 30 June 2024 — Identify and amend any payroll mistakes; ensure dates fall within correct financial year
- 1 July 2024 — Super Guarantee (SG) Rate Increase. With Income Tax and SG Rate Changes, new rates will apply to pay runs with a payment date of 1 July 2024 or later.
- 14 July 2024 — Process STP finalisation
Minimum Wage Updates
Check and update employees’ pay templates if affected by changes. The increase applies from the first full pay period starting on or after 1 July 2024 »
Stay organised and ahead of the game!
By working with Carrick Aland’s tax professionals, you can develop a comprehensive tax strategy that helps you achieve your financial goals and grow your business. To book a detailed analysis of your tax position well ahead of 30 June, call our tax team in Dalby, Toowoomba or Chinchilla on 07 4669 9800.
