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Is your small business tax time ready?

Is your small business tax time ready?

As you wrap up the financial year, now is a great time to check if there are any tax-deductable items your business may need before June 30.

The Australian Taxation Office (ATO) shares some simple checks, as well as key dates for those who hire staff, to ensure your business is ready for tax time:

  • Check if you have any tax-deductable items before June 30. You can claim a tax deduction for most expenses, including purchases of products or services to assist in your day-to-day running of your business.
  • Tax tables for employees are changing from 1 July 2024. Check your payroll software is up to date and apply the new withholding rates by using the tax withheld calculator to work out how much you need to withhold from your employees’ payments.
  • Super guarantee rate increases to 11.5% on 1 July.
  • Complete your STP finalisation declaration by the 14 July deadline so your employees have accurate information to lodge their income tax return.
  • Super guarantee contributions are due to your eligible workers’ super funds by 28 July. Contributions must be paid in full, on time and to the right fund. Ensure you allow extra time for the payments to reach your employees’ super funds if you are using a clearing house.

Small businesses can be easy targets for cyber criminals during the busy end of financial year and tax period. Download the EOFY Cyber Security Guide to help protect yourself and your business.

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