Check all your boxes before June 30th ✔️
We’re almost halfway through the calendar year and more importantly at the end of the financial year! Given the fact that we are already in June, I wanted to pose the question: Are you prepared for June 30th? This is the question that is ( or should be) floating around every business owner’s mind as the new financial year is only a few weeks away.To help you through this time of year, our blogs this month are specific to EOFY. Advivo Partner, Chris Morris, has penned a guide specifically for SMEs to ensure they have everything in order for EOFY. And our other Advivo Partner, Dale Edwards, goes in-depth about whether you should chase those overdue invoices, or push them into the next financial year. We also provide some important information about how to properly donate services to a charity and receive a tax deduction.I also want to extend thanks to everyone who took time out of their day to attend our May Business Booster event; Automate, Eliminate, Delegate. Myself, Chris, and Dale all shared some key insights about how to increase efficiency and reduce costs to allow you to focus more on accelerating business growth through implementing these three topics. For those who missed the event, you can watch the recording here.Please remember to refer to the below Pre-June 30th checklist to ensure you have done everything you need to before the end of financial year to maximise your taxation position and fulfill your compliance obligations. Please note that there are some transactions that need to be done several weeks before 30 June to claim the tax deduction, so don’t delay!As always, if you ever require extra assistance with preparing your business for EOFY, please don’t hesitate to reach out to our team at Advivo.Kind Regards,
Leon StephanManaging Partner
Advivo's Charity of the Month
Key Dates:
- Lodge tax return for all entities with a lodgment due date of 15 May 2023 if the tax return is not required earlier and both of the following criteria are met: – Non-taxable or a credit assessment in the latest year lodged– Non-taxable or receiving a credit assessment in the current yearNote: This includes companies and super funds but excludes large and medium taxpayers and head companies of consolidated groups.
- Lodge tax returns are due for individuals and trusts with a lodgement due date of 15 May 2023 provided they also pay any liability due by this date.Note: This is not a lodgement due date but a concessional arrangement where failure to lodge on time (FTL) penalties will not apply if you lodge and pay by this date.
21 June
- Lodge and pay May 2023 monthly business activity statement.
25 June
- Lodge and pay 2023 Fringe benefits tax annual return for tax agents if lodging electronically.
30 June
- Super guarantee contributions must be received by this date to qualify for a tax deduction in the 2022–23 financial year. *Most clearing houses must have their payments processed within 10-14 days before 30th June.Note: If any of your clients receive Child Care Subsidy and Family Tax Benefit payments from Services Australia, the client and their partners must lodge their 2021–22 tax return by 30 June 2023, regardless of any deferrals in place. For more information see the Services Australia website.
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