Are you EOFY ready?

The end of the 2019/20 Financial Year is upon us, and what a year it’s been. Fire, flood, disease and change. Lots and Lots of change.

Let’s face it, we’re all still adjusting and trying to figure out what the next year will bring. We’re hopeful that whilst it might be a slow start, we will all recover and business will get back on track. However, we’re only two weeks out from July 1. This year will be a more complicated year for end of year processing. If you need some help with bookkeeping and processing your government rebates and contributions, then please let us know sooner rather later. Our team are all up to speed and ready to ensure you get the right result. This year more than ever, DIY may cost you, rather than save you money, if you incorrectly process information.

Here are the key dates and information you’ll need to get your business ready.

Superannuation:

To ensure your contributions reach super funds by the ATO’s EOFY due date make sure you file batch payments by 24 June to make sure superannuation expenses are processed this year. If you’d prefer not to claim the expenses this year, then 21 July, 2020 is your deadline.

STP Finalisation:

You must, as an employer, make an EOFY finalisation declaration in Single Touch Payroll by July 14 (or 31 July if you started using STP during the 2019/20 year and have no more than 19 employees.)

Annual Payroll Tax Reconciliations:

NSW has extended it’s due date to 30 October, but no other state has changed their due dates. All other states have a due date of 21 July, except NT & SA with their due date 28 July.

Please don’t hesitate to reach out to us for your bookkeeping needs. It’s our business.

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