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A New Financial Year Checklist: Tips For a Smooth Transition

We've prepared a handy guide to new financial year compliance tasks, so your business can make a smooth transition into the new financial year.

The End of Financial Year is always a busy time for business owners and teams. There’s a lot to wrap up and many compliance tasks to tick off before you can start to focus on your new financial year goals and plans. When it comes to compliance, there are also a few things you need to be aware of as we move into the new financial year.

While not exhaustive, here are some new financial year tips to help you make a smooth transition into the new financial year. If you can get onto these tasks quickly, you’ll be off to a great start!

Single Touch Payroll

You will need to make a finalisation declaration by 14 July. If you have 19 or fewer employees you have until 31 July to make the finalisation declaration. Single Touch Payroll (STP) is a new way of reporting tax and super information to the Australian Taxation Office (ATO).

PAYG Withholding Summaries for Employees (Not Required if Reporting through STP)

When you have reported and finalised your employees’ information through STP, you are exempt from providing payment summaries to your employees and lodging a payment summary annual report to the ATO.

For payments to your employees that were not reported through STP, you’ll need to give a payment summary to your employees and provide the ATO with a payment summary annual report for these payment summaries.

What Your Employees See in ATO Online Services

Your employees will be able to view their payment information at any time in ATO online services via myGov. As of 1 July, they are able to see that the status of this information will have changed from 'year-to-date' to 'not tax ready'. It will stay like that until you submit your finalisation declaration.

When you have made the finalisation declaration, your employees will see the status of their payment information change to 'tax ready'.

Payroll Tax Declarations

Employers will need to lodge and pay (if applicable) your 2019/2020 Annual Payroll Tax Reconciliation with the State Revenue Office (SRO). Please note that where businesses have accessed payroll tax relief due to COVID-19, it’s still a requirement to lodge your annual reconciliation by the due date. 

Annual Payroll Tax Reconciliation Dates

Reconciliations are due to the SRO by the following dates:

  • VIC by 21 July 2020
  • NSW by 28 July 2020
  • QLD by 21 July 2020
  • WA by 21 July 2020
  • SA by 28 July 2020

Annual Workcover Reconciliation and Remuneration Declarations

You should have received or will shortly receive your Premium Renewal documents for 2020/21 in early July. The Declaration of Rateable Remuneration form is due for lodgement by October 2020.

Superannuation Contributions for April–June 2020 Quarter

If you haven’t already attended to payment of the June quarter superannuation for employees, please note that payment will be due by 28 July 2020.

Contractor Reporting

For the year ended 30 June 2020, businesses in the following industries need to report the total payments made to each contractor for the specified services each year. These are the industries which are required to report: 

  • Security, Investigation or Surveillance services
  • IT Services
  • Road freight
  • Courier
  • Cleaning
  • Building and construction 

You will need to submit your taxable payments annual report for 2019/2020  by 28 August 2020.

If you have any queries or if the BlueRock Accounting team can be of any assistance, please don’t hesitate to contact us

Here’s to a great new financial year!

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