Ahhh June, the temperatures drop, and it is time to start navigating the thrilling (and occasionally stressful) end of the financial year (EOFY). Can you believe it? June 30th is just around the corner, so it is time to dive headfirst into preparation mode. As Benjamin Franklin wisely said, "If you fail to plan, you are planning to fail." Let’s channel that wisdom and ensure we're all set for a smooth transition into the new financial year.
The Power of Preparation
Preparation is not just the first step—it is a mindset! Whether you are a seasoned pro or a newbie, getting ready for EOFY involves anticipating challenges, setting clear goals, and equipping yourself with the necessary tools and knowledge. Think of it like a marathon. The success of a marathon runner is not just about the race itself; it is about months of training, a solid diet, and mental conditioning. Similarly, the key to a successful EOFY lies in the groundwork we lay beforehand.
Avoiding the Pitfalls of Poor Preparation
Underestimating the importance of preparation can lead to costly mistakes and missed opportunities. Picture this: a business launches a new product without market research, or a student walks into an exam without studying. Yikes, right? I am having palpitations just thinking about that. Procrastination and the lure of instant gratification often lead us astray, but true success is born from consistent preparation and hard work.
Cultivating a Culture of Preparation
So, how can we make preparation our superpower? Easy, I can break that down into four simple steps:-
I even have specific tips for small business clients to prepare for EOFY?
Superannuation Changes
First up, let's talk superannuation. Super rates will be increasing to 11.5% for the first full pay after July 1, 2024. If you need help, I am happy to handle the changes in Xero but make a mental note of this increase. And don’t forget, if you are paying super for yourself and want it included in FY24, ensure it is paid and received by the super funds before June 30th. Pro tip: pay it in early June to be safe!
Tax Planning
Have you completed your tax planning with your accountant? If not, now is the time! Getting this done ASAP means we can help you implement any recommended changes before the financial year ends. Trust me, your future self will thank you.
Workcover
Heads up! You will receive an email from Workcover in July asking for the actual wages for FY24 and forecast wages for FY25. The cut-off for the annual payment is September 30th, and you can spread this over 10 months. Appy will happily handle the declaration, but I wanted to give you a heads-up that this process is on the horizon.
End of Payroll Year
Appy will as usual be preparing the end-of-year wage summaries, which will be finalized and submitted to the ATO via Single Touch Payroll. Staff will be able to access these summaries for their individual tax returns after July 14, 2024. Efficiency is the name of the game!
Award Increases
Do not forget to check the Fair Work award calculator for any increases effective from July 1, 2024. If there are changes, they will apply to the first full pay run after that date. Staying on top of this ensures compliance and keeps your team happy.
As we race towards June 30th, remember the power of preparation. It is the deliberate act of charting our course, equipping ourselves with the right tools, and navigating challenges with resilience and determination. Success might look different for everyone, but the importance of preparation is universal. So, embrace the power of prep, and let us make this EOFY a smooth and successful one!
Buckle up, it’s about to get busy!
Stay ‘Appy
