Eoyf - the Countdown To 30 June Is On

The End of Financial Year (EOFY) is just over a month away.

For many businesses this can be a time to stocktake as well as an important time to focus on tax, super and PAYG obligations.

For sales hungry businesses, EOFY can often mean “opportunity” as they chase down budgets that need to be spent before 30 June.

However, for many of us EOFY will simply be a time to review our annual budgets, sign off on a new plan for 2018/19 and to get our houses in order for 1 July.

One of the biggest changes from 1 July 2018 is the start of Single Touch Payroll (STP) for business of 20 or more employees. STP involves real time reporting of salaries and wages and could eventually see the phasing out of employment summaries. Need to know more about STP? Here’s an explanation from the ATO.

Importantly, as BNCC members you shouldn’t feel isolated in dealing with EOFY tasks. From business planning to HR, accounting to book-keeping our database is full of fellow chamber members who can and want to help.

One of the biggest mistakes in business is thinking we can save time and money by doing everything ourselves. Not only is the database a great place to go for the help you need, but there are plenty of member-to-member offers which will save you money at the same time.