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EOFY 2018 dates - everything you need to know
Business owners are incredibly busy at the best of times, so it can be difficult to stay on top of things at the end of the financial year. We’ve put together a list of key dates to add your diary of the current financial year in Australia.
8 May – new federal budget comes out
Depending on your business structure and industry, the new federal budget could be a cause for celebration or commiseration. But whether or not the new budget is in your favour, it’s important to remember this date so you can start planning for when the changes take effect.
21/28 May – Fringe Benefits Tax return due
You could be liable to pay Fringe Benefits Tax (FBT) if you provide employees with benefits like cars, gym memberships, entertainment or other expenses. Paper returns are due 21 May, and electronic returns are due 28 May. If you’re lodging your FBT return electronically through a tax agent, you have up until 25 June.
30 June – EOFY in Australia
By now you should have most of your paperwork in order and be in a good position to start planning for the new year. Check that you have your payroll reconciled, superannuation payments made, and all your accounts are up to date. If you hold stock, you’ll also need to do a stocktake to make sure your actual stock numbers match what you have recorded (for tax purposes).
16 July – provide PAYG payment summaries to employees
The ATO is strict about deadlines for PAYG payment summaries because they’re required for your employees to lodge their tax returns. If you haven’t already done so, reconcile your payroll before sending PAYG payment summaries to ensure all yearly totals for salaries and taxes are correct.
28 July – quarterly BAS due
If you lodge quarterly business activity statements, your BAS for April, May, and June is due on 28 July. Businesses that report monthly should lodge statements for each month by the 21st of the following month.
28 August – taxable payments annual report due
For businesses that are primarily in the construction or building industry and pay contractors for building or construction services, a taxable payments annual report also needs to be filled out. These reports can be lodged online or by mailing in a paper form.
For small and large businesses alike, staying on top of tax obligations at the end of the financial year is a logistical challenge. Look at hiring accounting, finance or administrative staff on a contract basis to ensure you remain compliant and fully prepared for the new financial year.
Need support in the lead-up to the end of the financial year? Speak to one of our experienced contracting consultants today.