Tax Deadlines for your Business

Here we go again… another financial year coming to a close soon. As you prepare to trudge through the minefield of payroll and financial year end obligations, here’s a list of the important end of financial year (EOFY) deadlines for your business.

During May

Your accountant should have a look at your financial data to help with any tax planning strategies for year end.  If you are using MYOB AccountRight Live or Essentials, your accountant can log in, and look at your data while your file is in the MYOB cloud with no disruption to your operations.  If you are still using desktop software Classic MYOB (version 19 or earlier), then you need to do a backup and send your files to your accountant or seek to upgrade. With our latest Client Accounting Module, accountants using Accountants Enterprise (AE) or Accountants Office (AO) can access their clients’ files in AccountRight Live directly from these platforms.

The last two weeks of June

Ensure you pay your super contributions for staff by the 24th June to allow enough time for your funds to clear through your bank account prior to 30 June if you wish t claim the deduction in this year.  Look at the balance in your super liability account to determine how much should be paid.  Check with the ATO website for the maximum allowable concessional super contribution this year, including salary sacrifice and employer contributions. You should check your MYOB Payroll Activity reports to see if any employee is likely to exceed the cap for the year, and take appropriate steps.  The concessional rate for the 2018-2019 year is $25,000 for any age.

The last week of June

If you carry stock, you should perform a stock take.  Use your MYOB Count Stock feature to enter the stock take – variances should be coded to a Cost of Sales account.   Before carrying out your stock take, run your MYOB Inventory Reconciliation report and check that it is balanced.  Run the same report after the stock take.  File these reports.

Friday 28th June

Keep final reports or if using MYOB online software perform a backup of your files at close of business day.  This is often useful if your business has an accounting audit later in the year.

By Monday 15th July

By this date, if you have not yet opted into STP reporting your employees should be provided with their Payment Summaries.  After following the MYOB End of Payroll Year process, use the MYOB Print Payment Summary tool to prepare the payment summaries and the EMPDUPE file for electronic submission to the Australian Taxation Office (ATO).  Don’t submit the EMPDUPE file yet.  Employees have a month to come back to query their Payment Summaries with you.  If  you report through STP the process of reconciliation is virtually the same to reconcile your payroll year end however reporting is electronically done and your employees can access their information through their MyGov account.  Next financial year  the STP process will be applicable to almost all employers.

By Monday 22nd July

Businesses on monthly IAS or BAS reporting must submit and pay their final IAS and/or BAS report for the year. This can be electronically lodged to save you time.

By Monday 29th July

Businesses on quarterly BAS reporting must submit and pay their PAYG and GST obligations for the final quarter of 2019.  Extensions to this date are allowed if:

  • You have rung the ATO and been allowed an extension for extenuating circumstances
  • You submit your return via the ATO portal – this gives a 2 week extension
  • You have your BAS submitted by a BAS agent via their ATO portals – this gives a 4 week extension

Monday 28th July is also the final payment date for businesses that haven’t previously paid their final superannuation liability for 2019.

Wednesday 14th August

This is the final date to submit your PAYG withholding payment summary annual report or upload your EMPDUPE files.

For users of MYOB Cloud Accounting Software – AccountRight Live and Essentials – the end of year process has never been easier, as external accountants will be able to “self serve” by logging into the live data, checking the end of year process and extracting the information they need and entering end of year adjustments. For users still on MYOB’s desktop software, the process will still require saving backups and sending a copy to their accountants. Remember to lock the file so that your accountant is working on consistent data that is still in the file for that period.  This is the time to upgrade your desktop software and move to cloud as the MYOB desktop software will be decommissioned soon.

This table lists all the deadlines you have to watch out for:

Date

Activity

During MayYour accountant should have a look at your financial data to help with any tax planning strategies for year end.
 
Last week or two of JunePay superannuation liability if you want to claim that payment as an expense in the 2019 financial year
 
Last week of JuneIf you carry stock, you should perform a stock take.
 
Friday 28th JunePrint final reports and if perform a backup of your files at close of business day
 
Monday 15th JulyYour employees should be provided with their Payment Summaries by this date or access their MyGov account for final report for 2019 payroll year.
 
Monday 22nd JulyBusinesses on monthly IAS or BAS reporting must submit and pay their final IAS and/or BAS report for the year
 
Monday 29th JulyBusinesses on quarterly BAS reporting must submit and pay their PAYG and GST obligations for the final quarter of 2019
 
Monday 29th JulyFinal payment date for businesses that haven’t previously paid their final superannuation liability for 2019.
 
Wednesday 14th AugustFinal date to submit your PAYG withholding payment summary annual report
 

Table 1: Important dates for EOFY 2018/19

It’s important to meet all your tax and compliance obligations this EOFY.

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Pam originally published this article on the MYOB Blogs site.