In this blog post, we’ll delve into the key dates of the end of the financial year and share some tips to smooth the process.

Preparing for the End of the Financial Year: Key Dates and Tips

As we approach the end of the financial year, it’s crucial to stay on top of important deadlines to ensure a smooth wrap-up.

Here are the key dates you need to be aware of:

Super Payments via Xero:

• Deadline: 18th June
• Ensure all superannuation payments are processed through Xero by this date to get a tax deduction in the 2024 financial year.

STP Finalisation:

• Deadline: 14th July 2024
• Single Touch Payroll (STP) finalisation needs to be completed by this date. This is essential for accurate reporting to the ATO and ensuring your employees receive their payment summaries on time.

Workcover:

• Deadline: 21st August
• Submit your Workcover information by this date to stay compliant with workplace insurance requirements.

Tips for a Smooth End-of-Year Process

Reconcile Accounts Early: Aim to have all your accounts reconciled up to the end of June by early July. This not only helps in preparing for BAS (Business Activity Statements) but also ensures all transactions are accurately recorded and any discrepancies can be addressed promptly.

Schedule Year-End Tax Return: Plan ahead for your year-end tax return. Early preparation can help identify any potential issues and provide ample time to gather necessary documents, ensuring a stress-free tax season.

Staying organised and meeting these key deadlines will help ensure a smooth end to the financial year. If you have any questions or need assistance, feel free to reach out to our team. We’re here to help you navigate these important tasks and keep your business on track.

Remember, proper planning and timely action are the keys to a successful financial year-end. Let’s work together to achieve this!