EOFY Key Dates and Actions Required

EOFY Key Dates and Actions Required

Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June 2020.

Some of these will help to ensure you’re paying the right amount of tax. We have outlined these action points below to assist you.

Please carefully consider this information and contact us if you have any questions we can answer or if there is anything we can assist you with.

2020 Key Dates

Date Action Required
14 June
Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in May.
25 June
Pay superannuation by 25 June 2020 to deduct contributions in the current financial year.
Pre 30 June
Trusts: Trustee resolutions need to be in place to be able to distribute trust income for the 2019 financial year to beneficiaries. Companies: Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends). Complete a stocktake where required. Write off bad debts and scrap any obsolete stock or plant and equipment. Ensure any inter-entity management fees have been raised. Taxable payments annual reporting extended to businesses providing road freight, information technology, security, investigation and surveillance services.
14 July

Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in June.

14 July (on or before)

PAYG Payment Summaries provided to all of your staff – or Single Touch Payroll Finalisation Declaration needs to be made by 31 July 2020.
28 July
Quarterly super guarantee payment due (1 April – 30 June 2020).
31 July
Single Touch Payroll Finalisation Declaration need to be made.
14 August
Annual PAYG Payment Summary to be lodged with the ATO if applicable (not required if you have lodged a Single Touch Payroll Finalisation Declaration.) Penalties apply for late lodgement. Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in July.
28 August
Taxable payments annual report due for the building and construction industry, cleaning and courier service industries.

Book an appointment with one of our advisors if you need any assistance with your 2020 Tax Plan or Forecasting for the 2021 financial year.

2020 Key Dates

14 June

Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in May.

25 June

Pay superannuation by 25 June 2020 to deduct contributions in the current financial year.

Pre 30 June

Trusts: Trustee resolutions need to be in place to be able to distribute trust income for the 2019 financial year to beneficiaries.

Companies: Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends).

Complete a stocktake where required.

Write off bad debts and scrap any obsolete stock or plant and equipment.

Ensure any inter-entity management fees have been raised.

Taxable payments annual reporting extended to businesses providing road freight, information technology, security, investigation and surveillance services.
14 July

Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in May.
14 July (on or before)

PAYG Payment Summaries provided to all of your staff – or Single Touch Payroll Finalisation Declaration needs to be made by 31 July 2020.
28 July

Quarterly super guarantee payment due (1 April – 30 June 2020).
31 July

Single Touch Payroll Finalisation Declaration need to be made.
14 August

Annual PAYG Payment Summary to be lodged with the ATO if applicable (not required if you have lodged a Single Touch Payroll Finalisation Declaration.) Penalties apply for late lodgement.

Reconfirm eligibility for JobKeeper to receive reimbursements for payments made in July.
28 August

Taxable payments annual report due for the building and construction industry, cleaning and courier service industries.

Book an appointment with one of our advisors if you need any assistance with your 2020 Tax Plan or Forecasting for the 2021 financial year.

Share this on:

Sign up to the 8 Collective Newsletter for all the latest news and updates

By submitting this form I confirm that I have read and accept the Privacy Policy