New Financial Year Compliance Checklist for Businesses (July 2024 Tax Update)

Relevant For:

Small to medium-sized business owners and bookkeepers.

Key Points:

  • Conduct stocktake of inventory and fixed assets by 30 June 2024.
  • Document tax-deductible items.
  • Check eligibility for small business concessions.
  • Finalise STP records by 15 July 2024.
  • Update PAYG withholding rates effective from 1 July 2024.
  • Review and possibly vary PAYG instalments.
  • Reconcile bookkeeping file.
  • Ensure BAS and super contributions are up-to-date.
  • Arrange ATO payment plans if behind on tax and BAS payments.

Full Article:

As we enter a new financial year, it's crucial to address several key compliance tasks to ensure your business remains on track. Here’s a practical guide to help you navigate these responsibilities effectively:

A free Business Academy account is required to continue.