With the end of the Financial Year, comes several reporting obligations and deadlines for businesses and employers. We share an End of Financial Year reporting reminder and highlight key upcoming deadlines below, which might impact you.
Single Touch Payroll Finalisation
As part of Single Touch Payroll (STP), employers need to finalise their payroll information by 31 July 2021 (note this was extended from 14 July due to impacts of COVID-19 on the community). The finalization process advises the ATO that you have completed your payroll for the financial year, as well as changes employee income statements to tax ready in their MyGov account, enabling them to file their tax return.
TPAR (Taxable Payments Annual Reporting)
If your business makes payments to contractors or subcontractors, you might need to lodge a TPAR by 28th August 2021. Industries which will likely need to lodge a taxable payments annual report include:
- Building and construction
- Courier and freight
- IT Services
- Security and surveillance
Visit the ATO website Taxable Payments Annual Reporting section if you are unsure whether or not you need to lodge a TPAR.
Renew your accident insurance by declaring your wages and paying your premium between 1 July and 31 August. It is important to ensure that you pay your premium by the due date shown on your invoice and notify WorkSafe of any relevant changes within the workplace. To find out more visit WorkSafe QLD.
Vary PAYG Instalments from Tax Planning If Needed
If your April to June 2021 PAYG Income Tax Instalments do not reflect your current circumstances, you can vary them to avoid paying too much or too little tax. This should always be completed in consultation with your Accountant, as penalties can apply for incorrect variations.
If you are seeking to vary the Instalment, it is important this is completed before the due date of lodgement of the form.
Visit the ATO website for more information on how to vary your PAYG Instalments,
Lodge Your BAS
Lodge your April – June 2021 quarter BAS by the 28th July 2021. If you use a Tax or BAS agent you will have an extension until the 25 August 2021.
Pay Super Before 28th July If You Didn’t Pay Before 30 June
If you have not already paid your Employee Compulsory Superannuation Contributions for the April to June 2021 quarter, you have until the 28th of July to do so. However, in order to claim the deduction in the 2020-2021 financial year, you must have paid your superannuation before 30 June. The funds also needed to be received by the employee’s super funds by 30 June.
Should you have any concerns about meeting compliance requirements, please get in touch with our office to discuss your circumstances.
Phone the office on 07 5451 1118 or email us.