Business Alert – End of Financial Year Payroll for your Business

Clear Vision • June 27, 2018

End of Financial Year Payroll for your Business

Well it’s here again… it’s that time of year where payroll needs to be finalised. Don’t freak out; simply check out our pointers below for an easy, breezy beautiful payroll year end.

1. Finish any pay runs that need to be included in the 2017/2018 financial year. The payment date is key here. If earnings should be included in this financial year, make sure they’re paid with a payment date of 30 June 2018 or earlier.

2. Double check all employees details in your system are updated; addresses, contact details, DOB’s and TFN’s. Check the details of employees who no longer work for you including their end date and current addresses.

3. Reconcile total gross wages paid between the Profit and Loss and PAYG Payment Summaries. When you lodge the BAS for June, make sure the total wages reported on the BAS’s agrees to the PAYG Summary forwarded to the ATO. Doing this now will hold off audit activity later.

4. Complete a PAYG Payment Summary for every individual who has worked for you in the past 12 months; even those who worked for a short time; you will need to complete a PAYG Payment Summary for all. The deadline for this is the 14th of July so don’t put it off. Once you have completed these, don’t forget to complete the Annual PAYG Payment Summary Statement which collates all individuals for your company.

5. Back up your files and store in ‘year’ payroll folder. It’s always a good idea to have your backup stored in a different location to your business.

6. While finalising pay runs, why not send off the SGC payment for the June quarter as well; it’s due 28 July 2018 so it makes sense to do it together.

All done? Congratulations, you’ve crushed it! Bring on 2018/2019.

What Records to Keep for Your Rental Property

By Caroline Gillies • August 3, 2025
If you own a rental property or holiday home, keeping the right records is key to maximising your tax deductions and staying ATO-compliant. This week, we’re highlighting what the ATO expects you to keep when it comes to residential rental properties. Here’s a quick checklist of the documents you should hold onto: Purchase & Sale Documents – Contracts, settlement statements, and legal documents. Loan & Ownership Records – Loan statements, refinancing documents, land tax assessments. Rental Income – If you don’t have a rental statement you will need to document all rental income received, including bond money retained, insurance payouts, and any other reimbursements. Expenses & Repairs – Keep receipts and invoices for expenses like advertising for tenants, property agent fees, council rates, strata levies, repairs, maintenance, insurance, and interest on loans. Depreciation & Capital Works – Receipts for assets over $300, depreciation reports, and capital improvement records. Before and after photos of any capital works. Holiday Home Use – If your property is rented out part-time, you’ll need evidence of when it was genuinely available for rent (e.g. booking requests, advertising, availability calendars). How long to keep records: You’ll need to keep most records for at least 5 years after lodging your tax return, or longer if claiming capital works or carrying forward losses. Keeping detailed records ensures you claim everything you're entitled to—and makes things much easier in the event of an ATO audit.  Need help getting your documentation in order? Reach out to our team at Clear Vision Accountancy Group—we’re here to help. To read a more detailed list of items you need to keep for your rental property visit: Records for rental properties and holiday homes | Australian Taxation Office

How Much Do You Need to Make? Understanding Business Turnover

By Caroline Gillies • July 13, 2025
Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month? Knowing this number helps you: Set realistic sales targets Price your products or services properly Know when to cut costs or increase margins Understand when your business is sustainable This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around. We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.

12% Superannuation Guarantee - 1 July 2025

By Caroline Gillies • June 22, 2025
From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase to 12%. This means employers will be legally required to contribute at least 12% of an eligible employee's ordinary time earnings to their superannuation fund. This increase is the final step in a legislated rise from 9.5% in 2021 to 12% by 2025, aimed at boosting retirement savings for Australian workers. If you use Xero for payroll, the SG rate should automatically update in the system. However, we recommend you double-check your payroll settings to ensure everything is correct. If you’re unsure or need assistance, please contact your bookkeeper or get in touch with us at: Clear Vision Accountancy Group (07) 4688 2500 We’re here to help you stay compliant and avoid any costly errors.