Planning for EOFY 2024-25

Business reporting obligations

Be mindful of these business reporting obligations when finalising your end-of-year accounts and tax returns:

• Wages reconciliation and STP finalisation
• Superannuation obligation reconciliation – this is not deducible if paid late, and employers must note the change in the SGC rate
• Payroll tax obligations – check you haven’t exceeded thresholds if not registered
• Taxable payment annual reporting (TPAR):
  • Building and construction
  • Cleaning services
  • Road freight and courier services
  • IT services
  • Security, investigation or surveillance services
• Review accounting data files for potential conversion or rate changes

Superannuation guarantee

Compulsory employer superannuation contributions are rising to 12% in the next financial year.

• 2023: 11%
• 2024: 11.5%
• 2025: 12%
• 2026: 12%

Keep in mind that the Australian Tax Office (ATO) and superannuation funds now have greater oversight than ever of a business’ superannuation obligations. The ATO has indicated that from July 1, 2026, superannuation contributions will need to be made upon payment of wages.

Tax and compliance updates

• Special interest charge (SIC) and general interest charge (GIC) will be non-deductible from July 1, 2025.
• WA Student Assistance Payment is available for parents and carers. All Western Australian school students in Kindergarten to Year 12, with a valid WA student number (WASN), are eligible. You can claim $250.00 for each secondary student and $150.00 for students attending primary school or Kindergarten. Claim via the ServicesWA app prior to the July 4, 2025 deadline.

EOFY checklist

• Review year-to-date figures to determine likely tax liability
• Consider strategies for management of the likely tax position
• Determine dividends to be declared for companies
• Prepare distribution minutes for trusts
• Consider owners remuneration and optimise tax outcome
• Small Business Entities: prepayments/depreciation
• Make superannuation payments as they are only deductible when paid
• Debtor analysis – consider bad debts/timing of invoicing
• Creditor analysis – bring forward expenses to get a tax deduction
• Stocktake – undertake a stocktake and consider obsolete stock
• Plant and equipment – consider any new equipment needed and ensure it’s available and ready for use prior to June 30
• Fringe Benefits Tax – if FBT return is not lodged, consider private portion of expenses and GST adjustments
• Capital Gains Tax – consider the sale of any investments and prepare likely tax calculations

Other considerations

• ESG reporting began in January 2025
• Be sure to plan for one-off transactions – e.g. business sales or purchases
• Assess the relevance of your existing accounting systems and evaluate new technology
• Do you have a self-managed super fund? Examine the impact on your business
• Have you purchased any property or business premises? Do you intend to?