Your End Of Financial Year Wrap Up

Posted 11 May '21

Your End of Financial Year Wrap Up.

End of Financial Year is here and we want to provide you a few reminders on actions you need to make and changes that will be happening from 01 July. We understand not all of the below affects every business so we encourage you to read through and pick out what you need. Our team is here to help you, so if you have any questions please do not hesitate to contact us. 

30 June: Stocktake

    EOFY stocktake. If you haven't yet made arrangements, now is the time. Book in 30 June to complete your Stocktake.

      Work in Progress (WIP). Make sure you capture your WIP on 30 June. 

      30 June: Trust Resolutions

      If you have a Discretionary Trust (Family Trust) you need to complete your Trust Resolutions by 30 June. All Trinity clients with a Trust were emailed their Trust Resolution to review and sign. If you didn't receive this email please notify us immediately.  

      01 July: SG Increase to 10%

      Super Guarantee rate is rising from 1 July 2021. The super guarantee rate will rise from 9.5% to 10% on 1 July 2021. Businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.

      01 July: Minimum Wage increase (staggered for 01 July 2021)

      The Fair Work Commission has announced a 2.5% increase to the national minimum wage for the 2021-22 financial year. The FWC has staggered the increase into three stages to lessen the impact on industries.

      • Stage 1 commencing from the first full pay period that starts on or after 1 July 2021.
      • Stage 2 commencing from the first full pay period that starts on or after 1 Sept 2021.
      • Stage 3 commencing from the first full pay period that starts on or after 1 Nov 2021.

      Read more about the changes and which awards are affected here

      Casual Employees. From 1 March 2021, there were changes to workplace laws relating to casual employees. If you have casual employees you need to ensure you are acting in accordance with Fair Work information. Read more here

      01 July: STP Mandatory Reporting

      Employers should now be reporting through Single Touch Payroll (STP), unless they only have closely held payees or are covered by a deferral or exemption.There are changes to STP reporting for small employers with closely held payees and to quarterly reporting for micro employers from 1 July 2021.

      From 1 July 2021, employers must report any closely held payees through STP. You can choose to report these payees each pay day, monthly or quarterly. Read more about closely held payees here

      From 1 July 2021, STP quarterly reporting concessions for micro employers will only be available to micro employers who meet certain eligibility requirements. These now include the need for exceptional circumstances to exist.

      14 July: STP Finalisation (Payment Summaries) need to be completed

      STP Finalisation (Payment Summaries) need to be declared by the 14 July 2021. Staff can find their Group Certificates through their MyGov account. 

      28 August: TPARs due

      If your business makes payments to contractors or subcontractors you may need to lodge a 
      Taxable payments annual report (TPAR) by 28 August each year.
      The taxable payments reporting system aims to create a level playing field - to prevent dishonest operators from gaining an unfair advantage over the majority. The information we collect in the TPAR allows us to identify contractors who are not meeting their tax obligations. If you are unsure if your business needs to complete a TPAR, read more here

      JobKeeper Payments

      Did you receive JobKeeper payments in this Financial Year? JobKeeper payments are taxable, so you need to include them in your tax return.

      Should you have any questions or seek clarification on the above please do not hesitate to contact us 07 4041 6188 (Cairns) or 07 5391 4747 (Sunshine Coast).



      Subscribe to our Newsletter

      First Name
      Last Name
      E-mail Address