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Home > Blog > 2023 Year-End due dates and ATO areas of focus

2023 Year-End due dates and ATO areas of focus

Date: 21 June 2023

If you employ staff in your business

  • Please complete the ‘EOFY Finalisation’ process in your payroll software (MYOB, XERO, other) by 14/07/23 and lodge this information with the ATO. This replaces the previous process of handing employees their Group Certificates.
  • Super guarantee contribution payments for the April-June quarter are due by 28/07/23.

Contractors & Subcontractors

  • Businesses in the following industries who make payments to contractors need to report these payments and lodge a Taxable Payments annual report (TPAR) by 28th Aug 2023.
    • Building & Construction
    • Cleaning Services
    • Road freight & Courier Services
    • IT
    • Security, Investigation, or surveillance

Superannuation guarantee changes from 1 July 2023

  • The mandatory superannuation guarantee rate increases from 10.5% to 11% from 1 July 2023.

ATO focus for 2023 income tax returns

  • Work-related expenses, rental property deductions, private use of business assets, and cryptocurrency are all in the spotlight.
  • Making use of the new fixed rate $0.67/hr for working from home expenses.

ATO focus for 2024 income tax returns

  • There will be increased data matching for the sharing economy, meaning the ATO will have more information regarding your income from Airbnb, Uber, and other online hire platforms. It is recommended to have the right systems in place to record income and expenses and save the tax receipts.

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To get in touch with our team, start by emailing us at enquiries@rm.net.au

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