Are you ready for June 30?

June 30 tips

How did it get to June already?

The month of June is upon us, and that means that the end of financial year is closing in. It’s important to be prepared, so we’ve prepared a list of items below that you might need to think about before and after the June 30th End of Financial Year.

Super Contributions Finalisation

If you are making a tax deductible super contribution, you need to ensure that you have paid by June 20th and have lodged an intent to claim with the super fund.

Superannuation contributions to rise 0.5% to 10% next financial year

From July 1st the amount of superannuation that needs to be contributed to employees is going to be 10%. This will rise by 0.5% every year until 2025 where it will reach 12%.

Stock on Hand

Stock on hand needs to be calculated for 30th June.

STP Finalisation declaration

Single Touch Payroll (STP) declaration needs to be finalised by 14th July. See ATO article re STP finalisation.

If you have 20 or more employees, you should be reporting closely held payees each pay day along with arms-length employees. The finalisation due date for closely held payees is 30 September each year.

For small employers (19 or fewer employees) who only have closely held payees, the due date for end-of-year STP finalisation will be the payee’s income tax return due date.

For an employer with a mixture of both closely held payees and arms-length employees, the due date for end-of-year STP finalisation for closely held payees is 30 September each year. All other employees are due 14 July each year.

Return to Work Reconciliations

If you are a South Australian business registered with Return To Work SA, you will need to provide an employer remuneration return by 15 September every year to help them to accurately calculate your insurance premium for the coming year. You can lodge this starting from July 2nd. View on RTWSA Website

Gift Certificate Registers Balanced

Gift Certificate registers need to be balanced as at June 30th.

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