Getting to the end of financial year is a win, whether you are flying through or feel like you’re just crawling to the finish line, we’ve put together the most important info you need to know to wrap up well.

Key end of financial year dates

When is the end of financial year?

In Australia, the tax year ends at 11:59pm on 30 June 2024.

Key Dates in June

30 June: End of financial year

Key Dates in July

14 July: Complete STP finalisation
21 July: Lodge monthly BAS
28 July: Q4 Activity Statement and PAYG instalments due
28 July: Q4 Super Guarantee (SG) contributions due. SG contributions must be paid and received by employee super funds by this date.

Who needs to do a Tax Return?

Individual tax returns

• People who paid tax under the pay as you go (PAYG) withholding or instalment system or had tax withheld from payments made to you (excluding mining payments).
• People who were eligible for the Seniors and Pensioners Tax Offset (SAPTO), where their ‘rebate income’ exceeds the relevant threshold (e.g., for the 2024 year it is $32,279 for singles).
• People who received an assessable Commonwealth government pension, allowance or payment (but who were not eligible for SAPTO) and whose taxable income exceeds $21,884.
• People with taxable income above the relevant income threshold – i.e., $18,200 for the 2024 income year for most Australian residents (or, for those under 18 years of age on 30 June 2024, $416 for eligible assessable income (e.g., income other than salary and wages or business income) and $1 for foreign residents with income taxable in Australia.
• People with reportable fringe benefits or reportable employer superannuation contributions on their PAYG payment summary – Individual non-business or income statement.
• People entitled to a tax offset for private health insurance as they have not claimed it as a premium reduction.
• People who made a loss or who can claim a loss made in a previous income year.
• People entitled to a distribution from a trust, or with an interest in a partnership, where the trust or partnership carried on a business of primary production in Australia.
• Australian residents with exempt foreign employment income and $1 or more of other income.
• People who received income from dividends or distributions (with franking credits attached)
• exceeding $18,200 (or $416 for individuals under 18 years of age on 30 June 2024).
• People eligible for the superannuation co-contribution on personal contributions they made to a complying superannuation fund or retirement savings account during the income year.
• People whose superannuation contributions exceeded their concessional contributions cap or non-concessional contributions cap for the 2024 income year.

Self-employed and sole traders

If you are a sole trader, you must lodge your tax return, even if your income is below the tax-free threshold.

Partnerships & Partners

If you operate your business as a partnership, the partnership lodges a partnership tax return, reporting the partnership's net income.

Companies

Businesses operating as a company have their own company tax return. The company reports its income, tax offsets and credits, PAYG instalments and the amount of tax it needs to pay on that income, or the amount that is refundable.

As the company operates as a separate entity, the company’s income is separate from your personal income and therefore all company directors will need to lodge a personal tax return as well.

Trusts and Beneficiaries

If you operate your business through a trust, the trust itself and each individual beneficiary will lodge a tax return. Beneficiaries of a trust report any income received from the trust including dividends, rental income and salary and wages.

When are tax returns due?

If you handle your taxes yourself, you must lodge your taxes with the Australian Taxation Office (ATO) by 31 October 2024. If you use a registered tax agent they can lodge it at a later date, but make sure to engage them by 31 October.

How and where to lodge a tax return?

By Paper: Find out how here
‍Through a Tax Agent: Contact us if you need a tax agent.
Using your Accounting Software: Find out how here
‍Personal tax returns can be lodged yourself through MyTax via MyGov, find out how here

What you need to know for EOFY 2024:

Payroll

Employers reporting through Single Touch Payroll (STP) need to make a finalisation declaration by 14 July 2024.

1. Review all your employees details
2. Reconcile your payroll transactions
3. Finalise and process STP
4. Process your Superannuation Guarantee payments through your Superannuation Clearing House
5. Prepare your annual WorkCover & Payroll Tax Reconciliation forms        
6. Lodge a TPAR report if required

ATO Checklist

1. All businesses (company, partnerships, sole traders etc) need to submit a tax return.
2. Having all your records of expenses is really important to allow you to claim deductions and accurately record your income and losses.
3. Gather business reports that need to be lodged and/or supplied to the ATO or your tax agent

Preparation for your accountant

1. Make sure your business information is up to date and bank accounts reconciled.
2. Your accountant will need to see records for all income and expenses
3. Your accountant will need to run reports like Profit & Loss, PAYG, Goods & Services, etc.

If you have software with bank feeds like Xero or Myob, this will be easy for your accountant to access.

Claiming Deductions — the 3 Golden Rules from the ATO

There are 3 golden rules from the ATO for claiming deductions:

1. You can’t claim reimbursed money, you must have spent the money yourself.
2. If you have an expense that is used both personally and for the business (eg. a phone) you can only claim the portion of the expense that reflects the business usage.
3. You need a record to prove the expense (eg. an invoice or receipt)

Super helpful resources

EOFY Jargon Buster

Get across the end of financial year lingo
Xero: https://www.xero.com/au/initiative/end-of-financial-year/eofy-jargon-buster/

Determine if you need to lodge a tax return

Double check if you need to lodge a tax return
ATO: https://www.ato.gov.au/single-page-applications/calculatorsandtools?anchor=DINTL#DINTL/questions

Sync your calendar to key financial year dates

Auto sync all tax dates to your favourite calendar like Google or Outlook
Cornell Irving Partners: https://www.cipaa.com.au/accounting-calendar