5 tips to help you prepare for end of financial year
End of financial year is an important time for businesses, and it can be challenging to keep up with everything you need to do. That’s why we’ve prepared some tips to help you meet your obligations and prepare for the financial year ahead.
1. Superannuation contributions due on Monday 19 June 2023
Meeting your super obligations this end of financial year is important. To ensure we receive and process your employees’ superannuation payments including super guarantee, salary sacrifice and any additional employer contributions before the end of this financial year, please submit your payments and remittances by no later than Monday 19 June 2023.
This cut-off date is also important if you're claiming a tax deduction for contribution costs or insurance fees for your employees for the financial year 2022/23. If you have any questions about your EOFY super obligations our contact centre can help.
Don’t forget, the super guarantee rate will also increase from 10.5% to 11% on 1 July 2023, so make sure you’re prepared.
2. Get your paperwork up to date
Having important paperwork and information available can help to avoid issues at EOFY. Some examples of records you might need include:
- Receipts for sales and business purchases
- Profit and loss statements
- Records of tax returns, Business Activity Statements, GST returns and employee super contributions.
It’s a good idea to make digital copies of any paper records and back them up online in a secure location.
3. Be aware of upcoming due dates
EOFY is a busy time in business, that’s why it’s important to have key dates in your calendar. The ATO provides a handy due dates by month breakdown here.
4. Keep an eye out for scams
Scammers are always finding new and more creative ways to target individuals and businesses. There are quite a few scams that target businesses at EOFY, these include:
- Tax refund scams – the scammer claims you’ve overpaid your taxes and are eligible for a refund. To claim this ‘refund’ the scammers will ask you to pay a fee.
- Tax owed scams – the scammer claims you’ve underpaid your tax and need to repay it immediately. To make this repayment, the scammer will ask for your credit or debit card details or ask you to send money through a money transfer.
Find out more about protecting your business from cyber threats and scams here.
5. Set yourself up for the new financial year
While you’re reflecting on the last financial year, it’s a good time to start thinking about your plans for the upcoming year including how you can support your employees' financial wellbeing.
As a CareSuper employer, you can help your employees build confidence through our seminars, which cover topics such as budgeting, insurance in super, women and super and more. You can also tailor a series of seminars for your workplace. Find out more.
Remember, we’re here to help with all things super. Contact your CareSuper Representative if you have questions or would like to book a super seminar for your employees.