End of Financial Year: What You Need to Know

End of Financial Year Super Payments

The end of the financial year (EOFY) is one of the busiest times as businesses rush to get their financial affairs in order and one important item on the EOFY checklist is making timely employee super contributions.

If you are claiming tax deductions, you must ensure the super payments are received by the super fund within this financial year.

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Single Touch Payroll

Single Touch Payroll (STP) is the new way for you to report wages, PAYG withholding and super information to the ATO. Instead of waiting until the end of the financial year, your employees’ payroll information is reported at each payroll using a compliant payroll platform.

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Tax Update

The Government has increased the instant asset write-off from $25,000 to $30,000 with effect from 2 April 2019. Small businesses with an aggregated turnover of less than $10m are entitled to the instant asset write-off.

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