As we enter the September 2024 quarter, we want to highlight a few important tax planning and compliance considerations for businesses and individuals across Australia. Proactive steps now can make a huge difference when it comes to meeting deadlines and optimising your financial position for the remainder of the 2024–2025 financial year.
1. Business Activity Statements (BAS)
- Due Date: For most entities, the July–September BAS is due on 28 October 2024 (unless you have an extended deadline through a registered tax agent).
- Key Actions:
- Confirm that you’ve accurately recorded all sales, purchases, and other business transactions for the quarter.
- Double-check your GST, PAYG withholding, and PAYG instalment calculations to avoid potential errors.
Careful preparation can help you meet deadlines and reduce the risk of penalties.
2. Superannuation Contributions
- Updated Rate: The Superannuation Guarantee (SG) rate for 2024–2025 is 11.5%, increasing toward 12%.
- Quarterly Payment Deadline: Contributions for the September quarter must be paid by 28 October 2024.
- Why It Matters: Paying late can lead to additional fees and missed deduction opportunities, so set reminders and ensure you remit the correct amounts.
3. Stage 3 Tax Changes
- What’s New? As of 1 July 2024, the 37% tax bracket has been removed. This means income between $45,000 and $200,000 is now taxed at 30%, and income above $200,000 at 45%.
- Check Your Withholding: If you’re an employee, confirm with your employer that your PAYG withholding aligns with the new rates. If you’re an employer, make sure your payroll systems and software reflect these changes.
4. Fringe Benefits Tax (FBT) Tracking
- FBT Year: Runs from 1 April to 31 March each year.
- Why Address it Now? Although the FBT year-end may seem far off, this quarter is a good opportunity to record any employee benefits you’ve provided so far—things like work vehicles, entertainment expenses, or other fringe benefits. Early tracking can save you headaches when it’s time to lodge your FBT return.
5. Cash Flow and Budget Reviews
- Mid-Year Check-In: With the first quarter nearly behind us, now is an ideal time to reassess your forecasts, budgets, and overall financial performance.
- Identify Opportunities: If you foresee changes—like investing in new assets, hiring staff, or restructuring—pinpointing them early can help you plan for any tax implications and secure optimal outcomes.
6. Individual Tax Planning
- Deductions & Offsets: Whether you’re a sole trader, employee, or contractor in the healthcare industry (or another sector), revisit any deductions or offsets you might be eligible for. This is particularly relevant if your income has shifted under the Stage 3 tax changes.
- Record-Keeping: Staying diligent with receipts, invoices, and mileage logs (if applicable) helps you maximize legitimate deductions and reduces stress when lodgement time arrives.
7. Stay Informed, Seek Professional Guidance
- Regulatory Updates: The Australian Taxation Office (ATO) frequently updates guidelines and regulations. Keeping track of announcements—especially regarding COVID-19 support reviews, STP (Single Touch Payroll) changes, or other compliance measures—can help you avoid costly oversights.
- Expert Advice: If you’re ever uncertain about BAS, super, or strategic tax planning, reach out to our team or a registered tax agent. Tailored guidance can save you time, money, and ensure you remain compliant.
In Closing
The September 2024 quarter is a prime opportunity to lay the groundwork for a successful financial year, whether you’re managing a business or your personal finances. By addressing BAS requirements, super contributions, and the new tax brackets now, you’re better positioned to handle any surprises that may arise in the coming months.
If you have any questions or need specialized advice, feel free to get in touch with us. We’re committed to helping you streamline your financial responsibilities, so you can focus on what truly matters—growing your business, serving your clients, or simply enjoying peace of mind.
Wishing you a productive quarter and ongoing success,
Ming Tan
Managing Director
Healthbiz Accounting