Your 2024 EOFY Guide!

Can you believe it? We’re already nearly halfway through 2024 and the end of financial year is right around the corner!  

So, what does that mean? Well, there’s a few things you can do to prepare that’s what! Here’s a little list for you to run through as we prepare to close off another big financial year. We’ve also chucked in a few important updates and changes that will take effect from July 1, 2024 too. Take a look!

Super Deductions

Want a little super deduction for your tax return? Well, it’s now time to pay your employees’ outstanding super before June 30. Super is only deductible when it’s paid to superfund so if you get that paid, you’ll get that deduction!  

When it comes to this, you want to make sure you’re looking to pay this around two weeks before the June 30 deadline, as it can take some time to process!  

Stocktake

If you have a business that runs on inventory, and you don’t use an inventory software to manage it, this one is for you! it's important to complete a count of how much stock you have left at the end of each financial year. Without it, we can’t work out your profit for the year, and we can’t get your tax done! This may be different for each business, depending on what system you have in place, but if you do stocktake it’s good to take down the value of the stock you have on your site at June 30 and keep it safe for your accountant. Remember, we’ll need this when we prepare your 2024 tax!  

Payroll

The EOFY is a great time to just go over your payroll and make sure you’re paying your employees the right amount per their specific awards/agreements. Keep a look out for award updates from Fair work around 1 July, and if you have employees on an EBA, check their agreement for similar updates.

What about ya structure?

Wanting to look at how a structure change might benefit you? Well, this is the time of year to reach out to chat. Advice on your structure can be super beneficial for the long term when it comes to your business. So if you want a chat, make sure you reach out to us!  

You workin’ from home?

A reminder on what you might have to do to claim back some working from home deductions this year. If you want to claim the fixed rate (67 cents an hour) then you’ll have to have some proof! Think timesheets, diaries or anything else to show that you were at home in case the ATO want to take a closer look at these claims.

What’s coming up in 2024?

There are a few changes that may impact you! The much talked about tax bracket changes will come into play (see graph below!). There’s also a change when it comes to superannuation. The super guarantee is lifting from 11% to 11.5% from July 1, 2024 so make sure you adjust this accordingly for the next financial year.

In summary, it’s a great time to give your business a bit of a “spring clean” as they say. Make sure you’re up to date with any changes that might affect you, go over your payroll and of course, reach out to us if you have any questions or queries when it comes to the future, we’re always here to help.

TLDR

Take down your stock on hand at June 30 and update pay rates for your employees. If you’re looking to talk business structure changes, now is the time. Pay your employees super so you can claim a deduction this financial year. There’s a change in the tax brackets for the next financial year with a change in the employee superannuation guarantee too.