2024 End of Financial Year (EOFY) Checklist for Businesses

The 2024 EOFY is upon us and one of the most important things you can do for your business is to ensure you are prepared to start the new financial year on the right foot. At Johnsons MME, we believe in achieving goals together, and we are here to work with you to prepare for a successful 2025 financial year.

The following checklist has been prepared to help business owners structure their EOFY processes to make sure key tasks are ticked off ensuring their business remains compliant with all tax and/or payroll obligations.

1. Single Touch Payroll (STP) Finalisation

STP finalisations are due by 14 July each year. To meet this deadline, employers must ensure wages are correctly paid to employees and reported to the Australian Taxation Office (ATO) using their payroll software. We can assist in a range of ways, from preparing wage reconciliations to completing the STP finalisation process on your behalf. Having your wages reconciled and correctly reported will also prepare you for the next item on our 2024 EOFY checklist.

2. June 2024 Superannuation Guarantee Contribution Payments.

Superannuation guarantee contribution payments for the June 2024 quarter are due by 28 July 2024. It is vital that contributions are received by the fund on or before this date. Superannuation contributions paid late are not tax deductible and require a superannuation guarantee charge statement to be lodged with the ATO. We can assist employers with reconciling superannuation contributions and discuss strategies they can use moving forward to ensure future contributions are made on time.

3. Personal Superannuation Contributions – 2024 Notice of Intent to Claim Tax Deduction.

If you have made personal superannuation contributions in the 2024 financial year and wish to claim them as a tax deduction, you must first notify your fund that you intend to do so. You must give notice using the approved form and receive acknowledgement from the fund to ensure validity of your tax deduction. Preparing your notice of intent to claim form in July helps to avoid delays in lodging your personal tax return and ensures your fund treats the contributions correctly. To work out if claiming deductions for personal super contributions is right for you, please contact your Johnsons MME advisor.

4. 2024 Pay As You Go (PAYG) Instalments.

Many businesses and individuals may have found themselves entering the PAYG instalment system as several tax relief measures have ended. PAYG instalments are typically issued on a quarterly basis with payments based on amounts the ATO has calculated for you. Alternatively, you may use an instalment rate also calculated by the ATO. The due date for the June quarter instalment is 28 July. This can be extended by 2 weeks if lodged electronically online. If your financial situation has changed and you want to vary your PAYG instalment, this must be done before the due date. To determine if you have any outstanding PAYG instalments or to discuss varying your June 2024 instalment, contact your trusted Johnsons MME advisor.

5. June 2024 Business Activity Statements (BAS).

Businesses with GST and/or PAYG withholding obligations will also be looking to prepare for the lodgement of their final BAS for the 2024 financial year. This involves reconciling their accounting software to 30 June, ensuring all transactions are allocated, and all GST/private use/fringe benefit tax adjustments journals are processed. The June 2024 BAS is due to be lodged and paid by 28 July 2024. This can be extended by 2 weeks if lodged electronically online. An extension to 25 August 2024 is available if Johnsons MME prepares and lodges your BAS on your behalf.

Having your accounting file ready for the June 2024 BAS not only keeps you on top of your lodgement obligations but also ensures accuracy of information that can be used to help review your business performance. Whether you need assistance preparing your June 2024 BAS or are looking for detailed analysis of your 2024 financial reports, we are well-equipped to help your business.

6. Stocktakes: Inventory & Assets.

Conduct a stocktake of inventory and record livestock numbers as of 30 June 2024. Adjust stock quantities for any spoilage and review your asset register for any updates. We can assist with stocktake and asset register reviews, helping you maintain accurate records and make informed business decisions.

7. 2024 Taxable Payments Annual Report (TPAR)

If your business makes payments to contractors or subcontractors, you may need to lodge a TPAR. Your TPAR must be lodged by 28 August each year. It’s important to note that this requirement now captures payments made to contractors or subcontractors in sectors such as building, construction, courier services, cleaning services, road freight, IT services, and security services. We can assist in preparing and lodging your TPAR, ensuring you meet the 28 August deadline.

Preparing for the 2025 Financial Year

We are at the end of our 2024 EOFY checklist, but your preparation for the new financial year does not have to end here. There are many other tasks you can complete and discussions you can have to help set your business on the right path for the 2025 financial year.

Review Recordkeeping Processes

Maintaining accurate and compliant records is essential. The ATO requires businesses to keep records for at least five years. In limited circumstances, there are different time periods for keeping records, requiring business to keep records even longer. To maintain useful records consider transitioning to paperless solutions, with backups, if you haven’t already.

JMME Support: We can help you review your automatic bank rules and enhance the efficiency of your accounting and finance systems.

Strategic Planning for 2025 Financial Year

Plan for the upcoming financial year by updating your Profit and Loss and cash flow budgets and taking the opportunity to compare your businesses performance against industry benchmarks. Consider any potential changes to wages, pricing, tax planning, and business policies.

JMME Support: We provide strategic planning services to help you set realistic goals and develop effective strategies for the next financial year. This can include analysing performance metrics and comparing against industry benchmarks. We’re adept at identifying critical areas within your business for enhanced performance, recommending targeted strategies to drive the efficiency and competitiveness.

EOFY can be a stressful time for business owners, but with the right preparation and support, it doesn’t have to be. By following this checklist and leveraging the expertise of Johnsons MME, your business can stay compliant and poised for success.

For personalised assistance and to ensure your business is ready for the 2024 EOFY and prepared for a successful 2025 financial year, contact your trusted Johnsons MME advisor. We have a wide range of services and can work with you to improve business operations, profitability, and strategic direction.