Do not miss this essential end-of-financial-year (EOFY) checklist specifically designed for Australian tradies. It covers key financial dates that tradies need to remember, from the end of the financial year on June 30 to various deadlines for tax returns and superannuation payments. Get organised now and avoid stress when the time comes.

 1. Key financial dates you need to remember

 30 June

The Australian financial year ends on 30 June each year. This is the time to start organising your books, finish any stocktaking, and finalise your accounts. To qualify for a tax deduction, your super guarantee contributions must be paid by this date too.

1 July

 If you are a self-employed contractor, you can lodge your individual tax return on the first day of the new financial year. You have until 31 October to do this.

 14 July

 If you have employees, this is the due date for supplying them with any PAYG withholding payment summaries.

 28 August

 If your business makes payments to other contractors or subcontractors, you need to lodge a taxable payments annual report by 28 August.

31 October 

 Tax returns due!

 15 May

 If you use an agent to file your tax return, your individual tax return is due 15 May. Company income tax returns are due for lodgement and payment.

 

Business Activity Statements & superannuation payments

 28 July – Q4 BAS statement and super payments due

 28 October – Q1 BAS statement and super payments due

 28 February – Q2 BAS statement and super payments due

28 April – Q3 BAS statement and super payments due

The checklist includes practical steps like consulting with an accountant, rounding up outstanding invoices, logging all business expenses, organising paperwork, conducting a stocktake, and finalising payroll. It emphasises the importance of getting organised to avoid the stress and potential penalties associated with missing EOFY deadlines. The guide also suggests ways tradies can use technology to streamline their processes, ultimately improving their business’s financial health.

 Contact Tradies Tax today to help stay on track with these dates. 

This blog post was made by Boma and Tradify, with minor edits made by TradiesTax