Many things need to happen between the end of financial year (EOFY) and tax time. Note the below dates and deadlines to keep in mind, when getting tax ready.
Key dates in June
30 June is EOFY. All new transactions from 1 July go into your FY23 books. The next month of your EOFY calendar will focus on closing out Q4 obligations for tax time.
Key dates in July
With your Q4 reports squared away in July, your EOFY calendar will now shift focus to annual reporting. That means getting things ready for your tax agent. If in doubt about anything, MT Corporate Advisory can help before tax time.
Key dates in August
Ensure your FY22 books show every transaction. Make copies of every receipt and invoice ready to give to your tax agent.
If you’re a Xero customer, get your paperwork into Xero with Hubdoc.
Key dates in September
Schedule your tax agent to work on your return before tax time comes around.
It’s a good idea to get your books and documentation tidy before involving a professional. Otherwise they’ll need to spend heaps of extra time on your accounts, and EOFY could end up being costly. You get extra time (and way less stress) if you use a tax agent.
Key dates in October
Whether you have a tax agent or not, before working on your tax return make sure you:
- check your books for mistakes
- have run a profit-and-loss report and balance sheet
There are multiple PAYG withholding annual reports due at this time. You can find out more from the ATO.
Tax time deadline – May 2024
15 May 2024 is the deadline for your tax agent to lodge your return.