Happy End of Financial Year!
Today’s the day! The End of Financial Year is here and we’re sure you have plenty of things to do.
Below are details of important lodgement deadlines and tasks you must complete in the next few weeks so you’re ready for the 2018 financial year. We also wanted to let you know about and some new information we’ve uploaded to our Resources page for you to help you compile your 2017 tax returns.
Information for Individuals
Updated Forms for 2017 Personal Tax Returns
This morning we updated our Resources page for you so that the forms for individuals now refer to the 2017 financial year to help you prepare your information so we can start completing your 2017 personal tax returns.
When compiling your taxation information for us, remember to check out the ‘Items to Consider’ flyer for what documents you may need to include, and feel free to use the ‘Tax Return Information Form’ to help you collate your information. Also, for more information on what deductions you can claim, check out the ‘Is It Tax Deductible?’ checklist and the ‘What Home Office Expenses are Allowed?’ flyer.
Head over to our Resources page for these documents plus loads more helpful information.
Actions for Businesses
Today, 30th June – Stocktake
We know nobody like doing stocktakes, but it’s important for you and us to know your accurate stock levels for tax purposes, but also so you can determine if your margins are where they should be and where you want them.
Knowing your stock levels allows insight into your ordering cycles and therefore when you need capital for stock, as well as the margins you should use to achieve the profits you want. So if your business has stock, start counting today or over the weekend!
Coming Up – What You Need to Do for Your Employees
Most of the work that needs to be done in preparation for the 2018 financial year is all about your employees. Xero makes this process quick and easy. Upcoming employee deadlines include:
– 14th July – PAYG Payment Summaries
– 28th July – Employee Superannuation Contributions
– 31st July – Long Service Leave Reports (Building and Construction)
– 14th August – Lodgment of summary to ATO of PAYG Payment Summaries
– 28th August – Taxable Payment Summaries (Subcontractors)
PAYG Payment Summaries
You need to provide all your employees with their 2017 financial year PAYG payment summaries by the 14th of July, as well as submit a summary of all the PAYG payment summaries to the ATO by the 14th of August.
For those of you who wanted the tax deduction this financial year, you should have already processed your employee superannuation contributions in Xero. If you haven’t yet, you need to ensure these are paid by the 28th of July.
It’s very important to pay employee super because if you don’t you can get in pretty big trouble; you’d have to lodge heaps of paperwork and would be required to pay a levy for every employee you didn’t pay super for, plus interest. That’s why it’s really important you get your super contributions paid on time.
Long Service Leave (Building & Construction Industries)
Any business in the building and constructions industries registered as employers with the Long Service Corporations need to report about their employees, turnover etc. by the 31st July
Taxable Payment Summaries (Subcontractors)
If you are in the building and construction industries you’ll also have to complete taxable payment summaries by the 31st of August to report how much you have paid to your subcontractors throughout the year to the ATO so the tax office can match that data to the data reported on each subcontractors tax return. You need to include the name, ABN and address, as well as the amount paid to all your suppliers.
Note: Change to Employee Pay Rates
If your employees are paid under an award, you need to ensure that you update their pay rates from the 1st of July. Fair Work released new award rates a few weeks ago, so you can head over to their website to check them out. Just ensure that your first pay runs from the 1st July are under the new pay rates.
If you need any help with completing these tasks, feel free to give us a call. We’re happy to help!
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product. These strategies don’t apply to everyone – our Wealth Advice Team must pre-qualify you to ensure you will be better off from these strategies and will then provide you with a Statement of Advice that clearly outlines our strategies and advice for you.