Do you know how to prepare your business for the end of the financial year (EOFY)?
From key dates to reporting requirements and everything else in between, we understand how overwhelming it can be to stay on top of your to-do list during this time of year.
The good news is that we’re here—stick around as we get into a little more detail about upcoming dates to keep in mind and some super-duper handy tricks to keep you from ripping your hair out.
Upcoming due dates
- 30 June 2023: End of the financial year (FY 2022-23)
- 14 July 2023: Single Touch Payroll (STP) finalisations
- 28 July 2023: Superannuation for Q2 (April – June 2023)
- 21 August 2023: Instalment Activity Statement (IAS) for July 2023
- 25 August 2023: Business Activity Statement (BAS) for Q2
- 28 August 2023: Taxable Payments Annual Report (TPAR)
Single Touch Payroll (STP)
Ahead of 14 July each year, make sure you’ve completed the finalisation declaration through Single Touch Payroll. It’s important to get this finalised as soon as possible to ensure your employees can access their information to lodge their income tax returns.
If you need to know more about what’s involved with this step, we’ve got you—visit the ATO’s website to get the down-low.
Taxable Payments Annual Report (TPAR)
So, did you read our list of upcoming due dates and scrunch your face when we mentioned the Taxable Payments Annual Report?
TPAR is an industry-specific report for businesses and government entities that are required to report the total payments made to contractors by 28 August each year. By the ATO’s definition, contractors include subcontractors, consultants and independent contractors who can operate as sole traders, companies, partnerships, or trusts.
Sound relevant to you? Check out the ATO’s website to learn more about TPAR.
Of course, don’t forget that we’re here to make your life easier and help your business thrive. If you’d like more information, please get in touch with our friendly team here.