Small Business – Get ready for tax time

Are you ready for tax time?

This might be your last chance to make any tax-deductible purchases before this financial year ends on 30 June. See if there are any tax-deductible items your business needs, or any concessions you can access.

Finalise your employees’ Single Touch Payroll (STP)

If you have employees, make sure you finalise their 2023–24 STP information by 14 July. This is an important end-of-year obligation and ensures your employees have the right information they need to lodge their income tax return. Remember to finalise all employees you’ve paid in the financial year, even those you haven’t paid for a while, like terminated employees.

Check your pay as you go (PAYG) withholding and instalments

From 1 July, individual tax rates and thresholds will change. This will impact your PAYG withholding for the 2025 financial year.

Check you’re using the correct PAYG withholding tax table and that your payroll software is using the new withholding rates from 1 July.

When it comes to your PAYG instalments, if you think these could result in you paying too little or too much tax for the year, you can vary your instalments. You can do this when you lodge your activity statement or instalment notice through Online services for business or your registered tax professional.

Remember to lodge your variation on or before the day your PAYG instalment is due, and before you lodge your tax return for the year.

Good record-keeping habits

Heading toward the new financial year, think about your record-keeping habits this past year and whether you’d do anything differently. Good record keeping is one of the foundations of running a successful business.

Ref: ATO website.

Related Posts


All Topics, Chinese Post


在报税季节,确保您的企业在线安全至关重要。通过实施系统和流程来降低网络事件的风险,同时制定应对网络攻击的计划。 每个澳大利亚企业,无论大小,都是网络攻击的目标。尽管您可以采取一些实际步骤来增强企业的网络安全,但关键是要将这些步骤融入企业日常操作中。这包括保护账户,保护设备和信息,以及培训员工识别网络威胁。 为了降低网络安全漏洞的风险,您可以采取以下措施: 澳大利亚信号局通过澳大利亚网络安全中心,是澳大利亚政府提供网络安全建议和帮助的权威机构。访问他们的网站,了解如何保护您的企业和员工免受澳大利亚企业常见的网络安全威胁。 参考来源:澳大利亚税务局(ATO)网站 如需更多信息,请联系Wiselink Accountants。


All Topics, Business Solutions, English Post

Keeping Your Business Secure During Tax Time: Essential Tips from ATO

With tax time in full swing, it’s crucial to keep your business secure online by implementing systems and processes that help reduce the risk of a cyber event. It’s also essential to plan for what you’ll do if a cyber-attack occurs. Every Australian business, regardless of size, is a target for cyber-attacks. While there are practical steps[…]