It’s the time of year we get our tax returns in order, plan our business needs for the new financial year, budget for those key dates and events and maybe even take advantage of some cheeky stocktake sales. To help you on your way, we’ve compiled a list of the important dates for this upcoming financial year to help you achieve that new financial year, new financial me feeling.
End-of-financial year is nowhere near as fun as new year's eve. No fireworks or champagne. No singing or dancing. The only hangover is the one on your balance sheet. Here's our 7 resolutions for the new financial year! https://t.co/GWZhCU5BOz pic.twitter.com/JG4HvKrnIA
— The B Hive (@thebhivebuzz) June 15, 2018
1 July: Start of the 2018-19 Financial Year.
2 July: Reserve Bank of Australia (RBA) Index of Commodity Prices released. This provides an indication of prices received by Australian commodity exporters based on the 17 major commodities exported by Australia. The volatility of commodity prices can impact domestic income and activity.
3 July: RBA Official Cash Rate Announcement. This is an announcement released monthly. Interest rates, particularly for home loans and savings accounts, generally closely follow movements in the cash rate.
Early July: You should have received your annual health insurance statement. Now could be a good time to review – could you be doing better?
14 July: You should receive a Pay as You Go (PAYG) payment summary or group certificate from your employer. Check all your details are correct as this will be important when lodging your tax return.
28 July: Quarterly payment due date for super payments made by employers for the period 1 April to 30 June. Your employer is required to pay super to your nominated super fund from the day employment begins, making payments at least four times per year. As an employee it can be worth double checking you’re being paid what you’re owed.
1 August: Fuel tax credit rates change today. They are indexed twice a year (February and August,) in line with the consumer price index (CPI). This is applicable to business owners who claim fuel on their business activity statement (BAS).
1 August: RBA Index of Commodity Prices released.
7 August: RBA Official Cash Rate Announcement.
10 August: RBA Statement on Monetary Policy released, setting out the Reserve Bank’s assessment of current domestic and international economic conditions as well as projections for future growth and inflation.
At this stage, you should definitely have a clear vision of what you want to achieve next financial year. Set goals, create an action plan, and get inspired, because 30 June is round the corner! 🏆 #plantgrowreap #smallbusiness #growyourbusiness #consultant #eofy #newfinancialyear #goals #success #vision
2 September: Father’s Day.
3 September: RBA Index of Commodity Prices released.
4 September: RBA Official Cash Rate Announcement.
End of September: You should have received your annual superannuation statement from your fund. Check how your fund is performing and consider how it compares to others.
2 October: RBA Official Cash Rate Announcement.
7 October: Daylight savings begins in some states – clocks forward in New South Wales and Australian Capital Territory.
28 October: Quarterly payment due date for super payments made by employers for the period 1 July to 30 September.
31 October: Due date to lodge any tax returns for the 2017-18 financial year.
6 November: RBA Official Cash Rate Announcement, Melbourne Cup.
23 November: Black Friday sales.
26 November: Cyber Monday sales.
4 December: RBA Official Cash Rate Announcement.
25 December: Christmas Day.
26 December: Boxing Day (and Boxing Day sales!).
1 January: New Years’ Day.
26 January: Australia Day.
28 January: Australia Day holiday.
28 January: Quarterly payment due date for super payments made by employers for the period 1 October to 31 December.
14 February: Valentine’s Day.
16 February: Chinese New Year.
19 April: Good Friday.
22 April: Easter Monday.
25 April: ANZAC Day.
28 April: Quarterly payment due date for super payments made by employers for the period 1 January to 31 March.
30 April: Health insurance premiums rise.
May 13: Mother’s Day.
10 June: Queen’s Birthday.
30 June: Super guarantee contributions must be paid by employers by this date for the business to qualify for a tax deduction in the 2018-19 financial year.
30 June: Final day to take out health insurance for the 2018/2019 financial year. This is something to consider if you earn over $90,000 as an individual ($180,000 families and couples) or are aged over 31.
30 June: End of financial year and stocktake sales begin.