End of Financial Year Timeline
ATO Lodgement Dates
These dates are from the ATO website and do not take into account possible extensions.
You remain responsible for ensuring that the necessary information is with us in time
BAS/IAS Monthly Lodgement – April Activity Statement: 21st May, 2015 final date for lodgement and payment.
BAS/IAS Monthly Lodgement – May Activity Statement: 21st June, 2015 final date for lodgement and payment.
BAS/IAS Monthly Lodgement – June Activity Statement: 21st July, 2015 final date for lodgement and payment.
4th Quarter of FY 2015: BAS Lodgement – June Quarter 2015 (including PAYGI) 28th July, 2015 final date for lodgement & payment
When a due date falls on a Saturday, Sunday or Public Holiday, you can lodge or pay on the next business day.
A public holiday is a day that is a public holiday for the whole of any state or territory in Australia
Due date for super guarantee contributions, for 4th Quarter of FY 2015, April to June 2015 - contributions to be made to the fund by 28th July, 2015.
The super guarantee charge is not a tax deduction if not paid by these dates.
Refer to the ATO for details regarding any SGC charges applicable if not paid by due date.
Benjamin Franklin once said "By failing to prepare, you are preparing to fail."
Take this opportunity to make your End of Year stress free by using the timeline and your trusted advisor to calmly prepare for the end of year.
1 May: Prepare your End of Year Plan
21 May: April 2015 Monthly Activity Statement – due date for lodging and paying.
28 May: Fringe Benefits Tax annual return – due date for payment.
21 June: May 2015 Monthly Activity Statement – due date for lodging and paying.
25 June: 2015 Fringe Benefits Tax annual return – lodgement due date for tax agents (if lodging electronically). Payment (if required) is due 28 May.
Prior 30 June: Super Guarantee Contributions must be paid (to fund) by this date to qualify for a tax deduction in the 2014–15 financial year.
30 June: Stocktake completed.
14 July: Prepare and distribute Employee Payment Summaries
21 July: June 2015 Monthly Activity Statement – due date for lodging and paying.
28 July: Prepare June Quarter Business Activity Statement, unless extension is available
28 July: Pay June Quarter Superannuation Guarantee, (unless already paid before June 30)
14 August: Lodge Employee Payment Summaries
25 August: Lodge Taxable Payments Annual Reports
14 September: Meet with trusted adviosr to finalize the EOY file
25 September: Send final EOY File to Accountant.
Before End of Year - General Tax Checks
Maximise those deductions
If the business’s cash flow is good then it may make sense to spend on extra expenses before June 30 to maximise deductions.
- Get the cars serviced
- Replace the tyres
- Pay the membership fees, subscriptions
- Pay the insurance bills etc
- Get a discount on rent by prepaying for a period
- Pay yourself additional wages and superannuation.
Ensure last year is finalised
- Last year tax return is lodged and you have a copy
- Are all adjustments from last year processed?
- Have you adjusted the data file for any impact of the end of the FBT year?
- Have you adjusted the data file for any adjustments by the accountant?
Private usage adjustments
A once a year adjustment for private expenses – yes you can. The tax agent may have included an adjustment in last year’s final tax returns for disallowing private expenses – has the GST adjustment been made?
It is absolutely acceptable to claim all GST on all taxable purchases for a business or enterprise during the year, if turnover is less than $2m, even if a portion of the expenses are for private use.
The ATO allows a once a year adjustment to reduce the amount of GST claimed. When the Tax Agent has completed the end of year tax returns and informed the amount of private expenses, then make a GST claim reduction in the next BAS. Therefore you will have only claimed back the GST on the business portion. So if you are advised there was $1100 of private expenses, then reduce your next GST claim by $1100/11 = $100. You do not have to inform the ATO, just keep the records.
If you post the totally private expenses to the loan account and don’t claim any GST back at the time of purchase that is okay as well.
Stock / Inventory
Review stock list in detail including when the item last sold at what price
Consider sale at discount of items that are slow – realise the cash
- Write off the value of stock that won’t sell
- Take a full stock count at 30 June and enter through Stock Count and Inventory
- Adjustment if needed
Existing Plant and Equipment
- Obtain the list of assets the accountant uses to calculate depreciation.
- Review the list and remove items that no longer exist or are obsolete.
- Highlight any items sold to the accountant.
New Plant and Equipment
- Businesses are permitted to write off Plant and Equipment that cost less than $100 (incl. GST).
- Business with turnover less than $2m using Small Business Entity Concessions; write off assets that cost less than $1,000 (excl GST).
- We have included the changes as announced in the 2015 Budget. It appears they are not contentious and will become law.
- Before 7.30pm May 12, 2015 the asset threshold for Small Business was $1,000. After this time it is increased to $20,000.
- GST reporting of Capital Acquisitions (G10) threshold is $1,000.
Before End of Year - Payroll Checks
Ensure you check the maximum amounts of superannuation
If you are processing the payroll for businesses, it is wise to check that no employee receives more than the maximum superannuation contribution, unless instructed by the employee’s financial planner or accountant to do so.
Under 49 years maximum contribution is $30,000 and over 49 it is $35,000.
If employees or owners appear to be near or over the maximum the bookkeeper should notify the person in question.
Maximise those tax deductions - Superannuation
While Superannuation Guarantee is not due till the 28th of July, in order to get the income tax deduction in this financial year, the superannuation must have been paid through your bank account before 30 June.
Effective technique: use the Superannuation Clearing House.