Small Business – Get ready for tax time

 

Tax-deductible purchases

Act fast to make any tax-deductible purchases before this financial year ends on 30 June.

Speak to your local TaxAssist Accountant to see if there are any tax-deductible items your business needs, or any concessions you can access.

Single Touch Payroll (STP)

Finalise your employees' 2023–24 STP information by 14 July.

This is an important end-of-year obligation and ensures your employees have the right information they need to lodge their income tax return. Remember to finalise all employees you’ve paid in the financial year, even those you haven’t paid for a while, like terminated employees.

Pay As You Go (PAYG) withholding and instalments

Individual tax rates and thresholds will change from 1 July. This will impact your PAYG withholding for the 2025 financial year.

Make sure you're using the correct PAYG withholding tax table and that your payroll software is using the new withholding rates from 1 July.

When it comes to your PAYG instalments, if you think these could result in you paying too little or too much tax for the year, you can vary your instalments. You can do this through TaxAssist Accountants.

Remember that the variation must be lodged on or before the day your PAYG instalment is due, and before you lodge your tax return for the year.

Good record-keeping habits

As we’re heading towards the new financial year, now is a good time to reflect on your record-keeping habits this past year. Good record keeping is key to running a successful business.

How we can help

TaxAssist Accountants are here to help you this tax time. If you have any questions just call us on 1300 513 332 or contact us here. We’d be glad to help.

Last updated: 24th June 2024