End of financial year: What you need to know

Published: 18 June 2019

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End of financial year super payments

The end of the financial year (EOFY) is one of the busiest times as businesses rush to get their financial affairs in order and one important item on the EOFY checklist is making timely employee super contributions. 

If you are claiming tax deductions, you must ensure the super payments are received by the super fund within the financial year.

To ensure payments are allocated in time for this financial year, please submit them via the Cbus Clearing House or Employer SuperSite by 4pm (AEST) on Monday 24 June 2019.

Payments made using BPAY or EFT may take up to 72 hours to reach Cbus. If you use an external Clearing House, you need to allow enough time for your payments to be received by Cbus. Payments must be received no later than 28 June. 

If you are a Cbus employer who needs help with making a payment, please call us on 1300 361 784 between 8am and 8pm AEST.

 

Single Touch Payroll

Single Touch Payroll (STP) is the new way for you to report wages, PAYG withholding and super information to the ATO. Instead of waiting until the end of the financial year, your employees’ payroll information is reported at each payroll using a compliant payroll platform.

STP applies to all employers from 1 July 2019.

Medium to large employers (20 or more employees)
You should now be reporting through STP or have applied for a later start date. 

Small employers (5-19 employees)
You will need to start reporting through STP any time from 1 July to 30 September 2019. The ATO may grant deferrals to small employers who request additional time to start STP reporting.

Micro employers (1-4 employees)
The ATO will help with transitioning to STP and have offered alternative options – such as allowing employers who rely on a registered tax or BAS agent to report quarterly until 30 June 2021, rather than each time payroll is run. A number of no-cost and low-cost Single Touch Payroll solutions are now available for micro employers.

The ATO may provide exemptions from STP reporting for eligible employers. Please visit www.ato.gov.au for more information.

Read more about Single-Touch Payroll on the ATO website.

Tax update

The Government has increased the instant asset write-off from $25,000 to $30,000 with effect from 2 April 2019. Small businesses with an aggregated turnover of less than $10m are entitled to the instant asset write-off. 

The write-off is available when you purchase an eligible asset (such as a vehicle or computer) for less than $30,000 and it’s used, or installed ready for use, between 2 April 2019 and 30 June 2020. 

Be sure to check the ATO website for further information on eligibility criteria for the asset write-off.

The Government has also extended the instant asset write-off to medium-sized businesses – a medium-sized business is defined by an aggregated turnover of $10m or more but less than $50m.

 

Please note

This information is presented by Cbus. It doesn’t take into account your specific business needs, so you should look at your own financial position, objectives and requirements before making any financial decisions.  Read the relevant Cbus Product Disclosure Statement and related documents to decide whether Cbus is right for you. Contact 1300 361 784 or visit www.cbussuper.com.au for a copy.

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