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Key Dates for Australian Small Business Owners in July 2024: Start of the New Financial Year

July 2024 has arrived, marking the start of a new financial year for Australian small business owners. As we step into this fresh fiscal period, it's crucial to stay on top of key dates to ensure your business remains compliant and operates smoothly.

Here's your guide to the key dates for July 2024.

Key Dates for July 2024:

📅 1st July - Super Guarantee rate increases to 11.5%: The Super Guarantee rate is set to increase from 11% to 11.5%. Ensure your payroll systems are updated to reflect this change.

📅 14th July - 2024 FY STP Finalisation: Make sure to complete your Single Touch Payroll (STP) finalisation for the 2024 financial year. This is crucial for accurate employee payment summaries so they can lodge their 2024 income tax returns.

📅 21st July - June Monthly BAS/IAS: Your Business Activity Statement (BAS) or Instalment Activity Statement (IAS) for June is due. Keep track of your tax obligations and submit them on time.

📅 28th July - 2024 Payroll tax annual reconciliation: Ensure your annual payroll tax reconciliation is completed and submitted by this date. Accurate reporting helps avoid penalties and ensures compliance.

📅 28th July - June Quarter BAS (paper lodger): The June quarter BAS is due for those lodging BAS quarterly and using paper forms. Ensure all required documents are prepared and submitted.

📅 28th July - June Quarter employee super contributions to funds: Make sure your employees' super contributions for the June quarter are submitted to their respective funds by this date. Timely super payments are crucial for both compliance and employee satisfaction.

July Tips from HelloLedger:

🔍 Super Guarantee Update: With the Super Guarantee rate increasing, now is a good time to review your payroll processes. Ensure your employees' super contributions are calculated accurately at the new rate of 11.5%.

📊 STP Finalisation: Completing the STP finalisation by 14th July ensures your employees receive accurate payment summaries. This is essential for their tax returns and your compliance.

💼 BAS/IAS Preparation: Regularly update your financial records to ensure your BAS/IAS submissions are accurate and on time. This reduces stress and helps avoid last-minute rushes.

📅 Payroll Tax Reconciliation: Conducting a thorough payroll tax reconciliation can identify discrepancies early and help maintain compliance with state tax laws. The month of June payment is incorporated into the annual return and does not need to be paid by 7 July.

🕒 Super Contributions: Making super contributions on time not only keeps you compliant but also fosters trust and satisfaction among your employees.

💰 Stage 3 Tax Cuts: Starting from their first wage payment in July, individuals will benefit from the Stage 3 tax cuts. These cuts offer annual savings ranging from $354 for lower annual incomes starting at $30,000, increasing to $4,529 for higher annual incomes of $200,000 and above. Ensure your payroll system is updated to reflect these changes.

At HelloLedger, we’re here to assist you in navigating these important dates with ease. As we embark on the new financial year, let's ensure your business is set up for continued success and growth. Let’s make July a month of compliance, efficiency, and progress! 🌟📑💼

Feel free to reach out to us for any assistance or advice you might need during this busy period.


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