Our Top Tips for the End of the Financial Year

The end of the financial year (EOFY) is the ideal time to get on top of your finances and start the new financial year off on the right foot.

If you’re a small business or sole trader who reports and pays Goods and Services Tax (GST) quarterly, one of the most important things to remember is the deadline for your Business Activity Statement (BAS).

For small businesses or sale traders, your BAS statement for the June quarter is due by July 28, 2024. 

If, however, you use a registered BAS or tax agent like Prime Accounting to lodge your statements, that deadline can be pushed out until August 25, 2024.

Don’t Forget Your Super Contributions 

For individual taxpayers, it’s important to remember you can make voluntary super contributions to boost your retirement savings and claim a tax deduction.

If you make your contributions before the June 30 cut-off, you’ll qualify for a deduction in the 23/24 financial year.

But don’t forget: you must notify your super fund of your intention to claim a deduction and receive an acknowledgement from them.

If you’re a Self-Managed Superannuation Fund member and you have an account-based pension, it’s also key to remember to make sure you withdraw your minimum pension payment before June 30.

Instant Asset Write-Off Extension

The federal government announced in May 2024 that the instant asset write-off support for small businesses will be extended.

This allows eligible businesses to immediately deduct the cost of assets costing up to a maximum of $20,000. The threshold is applied on a per asset basis, meaning small businesses can instantly write off multiple assets.

Eligible businesses can claim for the 23/24 financial year—providing assets are installed and ready for use by June 30, 2024.

And if you’ve got any questions around any aspect of your end of financial year planning, simply drop us a line or give us a call on 02 9415 1511 to discuss.