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Post 30 June 2021 – Key Dates, Changes and Actions

30 June due dates

The end of the financial year is here. There are some key dates and changes that you need to know about.

DateChanges and actions
25 June 2021
  • FBT returns due.
Pre 30 June 2021
  • Review shareholder loan accounts and make minimum loan repayments (may need to declare dividends). The maximum franking percentage rules have changed recently – we can discuss this with you
  • Pay superannuation to deduct contributions in the current financial year
  • Complete a stocktake where required
  • Write-off bad debts and scrap any obsolete stock or plant and equipment
  • Ensure any inter-entity management fees have been raised
  • Organise Trust Resolutions where trust had income in the year
30 June 2021
  • Extension for COVID-19 impacted minimum Division 7A loan repayments for the 2020 year ends and loans need to be brought up to date.
1 July 2021
  • Company tax rate for base rate entities reduces to 25%
  • Super guarantee rate increases to 10%
  • New guidance on tax treatment of profits of professional services firms applies
  • Single touch payroll commences for closely held employees – family members, directors etc
  • New ‘stapled’ super obligations intended to commence.
14 July 2021
  • Single touch payroll finalisation declarations need to be made (extensions can apply for closely held payees).
28 July 2021
  • Quarterly super guarantee payment due (1 April – 30 June).
31 July 2021
  • Early stage innovation company report due.
14 July 2021
  • ATO ESS Annual Report due (applies to ESOPs as well).
28 August 2021
  • Taxable payments annual reports for payments to contractors due.
6 October 2021
  • Last day for hiring employees to qualify for the JobMaker hiring credit.
31 March 2022
  • Last day of the 50% boosting apprenticeship wage subsidy.
1 July 2022
  • Super guarantee rate increase to 10.5%.
30 November 2022
  • Last day for existing company directors to acquire a Director Identification Number (30 November for directors of corporations under CATSI).

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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.

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