Insight

Your upcoming tax calendar for May and June

As we come to the end of April, we have our final 2 months to finalise tax planning for the 2024 income year. Despite the need for tax planning, May and June are also critical months to ensure all your tax lodgments are complete to avoid any penalties. In order for you to be across your tax obligations, below are the key compliance dates coming up.

Your upcoming Tax Calender for May & June

4 August 2025
Payday super: what could it mean for your small business?

Back in 2023, the Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. ‘Payday super’ will move payment of super from the quarterly cycle that businesses are used to, and switch it to a process where employees’ super will be paid within seven days of their usual payment cycle – whether weekly, fortnightly or monthly.

Ways to Maximise Your Super

A little goes a long way with compound earnings. The earlier in your working life you start paying attention to your super, the better off you will be at retirement. However, it’s never too late to take an interest in your super fund’s performance and take action to grow your super!

SMSF Administration
5 July 2021
Superannuation Rate Increase

From 1 July 2021, the super guarantee rate rose from 9.5% to 10% and will progressively increase until 2025. Depending on your current employment agreements will determine the impact to employees. For employees that are paid a rate plus superannuation their take home salary will remain unchanged and the increase will be added to SG payments.

Sign up to receive regular market updates from our leading accountants and business advisers.

Liability limited by a scheme approved under Professional Standards Legislation. © DFK Laurence Varnay. Web Design by Method Marketing.

DFK Laurence Varnay