Due dates & action items
There are always a million things to do as a business owner. 30 June just happens to bring a lot of those things together to be done by a deadline! Great work on actioning everything for tax planning for the year. Don't stress about any of the due dates below, we will take care of the lodgements for you.
Stocktake - 30th June
Yep, we know everyone HATES stock-takes. But unfortunately for those of you holding any stock, these are mandatory. Depending on the actual movements in stock, it may have a tax benefit for you this year. in any case, it makes sense to know what the value of your stock on hand is.
Update employees pay rates
Don't forget you need to ensure any employees on award wages have pay rates updated from the 1st pay run post 30 June.
PAYG payment summaries
PAYG Payment Summaries do not need to be provided to your employees anymore. With the introduction of Single Touch Payroll, instead of preparing and lodging Payment Summaries, we now need to finalise STP. Once finalised the ATO is notified and will make the earnings and tax withheld for the year per employee ready for them in MyGov. This is due on the 14th July.
If you do your own payroll, then you can finalise your annual STP in Xero ASAP after the last June pay run. If Link does your payroll, then we’ll be managing this for you after 30 June.
Super for the June 2020 quarter is due by 28 July 2020. However, if you want the tax deduction in the 2020 financial year, you need to have this processed in Xero by the 24th June at the latest (the reason it needs to be done a bit earlier is because it takes a few days for the super to be processed, debited from your account then allocated to your employees). Get it approved and paid so you don’t miss out on the tax deduction.
Taxable Payment Annual Reports (TPAR)
The TPAR is due by 28 August 2020. If you do your own, then you can do this via the TPAR report within Xero, just make sure all payments made to contractors are appearing. Reach out to us if you need a hand.
If Link prepares your TPAR, we’ll be in touch in July/August if we need any additional contractor details. If you use Receipt Bank or Hubdoc to capture your invoices, all information should be there.
June quarter BAS
Due for lodgement by 25th August.
In order to be paid your monthly JobKeeper amounts, we need to report to the ATO your actual income for the previous month as well as the estimate for the next month. We have 14 days to do this after the end of the month, but obviously the quicker we do this the sooner you get paid. So please ensure you have reconciled Xero and or completed your Invoicing as soon as possible after end of month.
If you do your own JobKeeper monthly reporting get it done ASAP. If Link is managing your JobKeeper reporting, we’ll be in touch to confirm Xero is up to date and get your estimate for the current month turnover.
The final payment of Cashflow Boost Tranche 1 is made in your June BAS which means we will want to prepare our BAS's in July to ensure this amount is finalised. The ATO will then use the total of Tranche 1 to pay you Tranche 2. If you lodge Quarterly you will get 50% after lodging your June BAS and the other 50% in October. If you lodge monthly you will get 25% after lodging your June BAS, then 25% each month till October.