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The end of financial year in Australia is just around the corner, which means businesses need to have all their tax documentation organised and review their finances to prepare for the new year.
Follow our EOFY checklist to ensure you (and your employees) are well prepared ahead of time.
Payroll reconciliation is the process of checking that your actual payroll transactions match what’s recorded in your payroll register. This is an important step at the end of the financial year as it helps determine if you’re over the threshold for payroll tax and ensures your tax return is accurate.
If you make superannuation payments late, they aren’t tax deductible – so if you need to make corrections after year-end or you overlook employees such as contractors you will likely miss out on tax deductions. Review all super payments in June to make sure everything is paid appropriately.
Check the salaries of all your staff members and ensure that they are in line with relevant awards and any other statutory requirements. Any underpayments could see you liable for penalties.
Consider any business purchases you need to make before the end of the year as these can be put toward your tax deductions. Keep in mind, though, that making extra purchases doesn’t necessarily equal a bigger tax return – it simply reduces your taxable income. But if you were planning to invest in equipment or resources anyway, doing so before EOFY can reduce your tax bill.
Review your relevant insurance policies (such as workers’ compensation insurance) and get your new policies in order for the new financial year. If your circumstances have changed at all over the past year, remember that you may need to take out additional or different insurance to ensure you and your workers are appropriately covered.
End-of-year payment summaries need to be issued to employees by 14 July. Before you provide PAYG summaries to help your employees lodge their tax returns, make sure your payroll totals are reconciled first.
You’ll need to complete your quarterly BAS by the end of June, and if you’re a company, you’ll also need to submit your annual report to the Australian Securities and Investment Commission along with your solvency declaration.
The end of the financial year is incredibly busy for most businesses. Consider hiring contractors towards the end of the financial year to make sure you’re meeting all your obligations and have your relevant paperwork organised on time. The investment in manpower will help ensure your business is as tax-efficient as possible.
READ MORE: Why hire contract workers?
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