Are You Prepared for EOFY?
A message from our Managing Partner,
Welcome to May – I hope that everyone is enjoying the cooling weather as we move closer to winter – and closer to end of financial year.
We have also, as of Tuesday night, received the 24/25 budget. Sadly, there were no major tax reforms and not a great deal for businesses or superannuation funds. The budget again includes significant expenditure to support the ATO in the enforcement of increased tax compliance and countering fraud. For a more comprehensive overview, please click here.
We have written a number of content pieces to help ensure that your business is ready to head into the 24/25 financial year end. I have penned a comprehensive guide for small businesses to prepare for the year end and for the new financial year starting 1 July. Advivo partner Chris Morris also outlines the dos and don’ts of business tax, and Advivo partner Dale Edwards provides tips for reducing your Fringe Benefit Tax Liability. All helpful – and important – information for this time of year.
I have one more piece of important information to provide before I sign off. The ATO has identified a 78% adjustment rate required in work from home claims for tax agent-lodged returns, and will thus be cracking down on work from home deductions. To learn more about these changes and to talk about how you can most effectively navigate them, please contact us.
As always, please reach out to Advivo if you have any queries related to EOFY, ATO changes or general questions about the management of your business’s finances.
Kind Regards,
Leon Stephan
Managing Partner
Advivo's Charity of the Month
Don’t forget if you would like us to include a charity of your choice, just drop us a line at info@advivo.com.au
Key Dates:
- Lodge and pay April 2024 monthly business activity statement.
- Lodge and pay Fringe benefits tax annual return if lodging by paper.
26 May
- Lodge and pay eligible quarter 3, 2023-24 activity statements if you have elected to receive and lodge electronically.
28 May
- Lodge and pay quarter 3, 2023-24 Superannuation guarantee charge statement if the employer did not pay enough contributions on time.
Note: Employers who lodge a Superannuation guarantee charge statement can choose to offset contributions they paid late to a fund against their super guarantee charge for the quarter. They still have to pay the remaining super guarantee charge.
We would love to hear your feedback!
We would love to hear your feedback and would be grateful if you could write us a Google review. This will allow us to continually improve our service and let others recognise the value we provide.
