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.

Don’t be on the ATO’s naughty list in 2026

By Caroline Gillies • December 11, 2025
The ATO is cracking down on people who claim too many tax deductions for properties that they use both personally and as rentals — especially holiday homes. A new draft ruling says that if you use a property for both personal use and renting it out, you must split (apportion) the expenses in a fair and reasonable way. You can only claim deductions for the portion of time or space used to earn rental income. If the ATO thinks your property is really a holiday home — for example, you block out peak times for your own use and only rent it occasionally — they can classify it as a “leisure facility.” If that happens, you cannot claim big expenses like mortgage interest, council rates, land tax or maintenance. You’ll only be allowed to claim small costs like cleaning, advertising and platform/agent fees. The ATO says many owners of holiday homes have been claiming too much by showing “rental losses” every year. They are now looking more closely at cases where the owner keeps the property unavailable for rent during busy periods.  How do I stay off the ATO naughty list? If you mix personal use with rental use, be careful. Only claim the rental part of your expenses, or the ATO may deny most of your deductions.

ATO Small Business Superannuation Clearing House (SBSCH) Closure

By Caroline Gillies • October 17, 2025
From 1 October 2025, the Australian Taxation Office (ATO) officially closed the Small Business Superannuation Clearing House (SBSCH) to new users. Thanks to the efficiencies of Xero, this change does not impact Xero clients, as Xero includes its own built-in auto-super functionality. This means employers can make superannuation payments directly through Xero—without needing to access the ATO’s separate clearing house service. Key Dates and Details No new users: From 1 October 2025, the SBSCH stopped accepting new registrations. Full closure: The SBSCH will be fully decommissioned on 1 July 2026. Existing users: Businesses currently using the SBSCH can continue until 30 June 2026 but are encouraged to transition to an alternative solution before this date. At Clear Vision Accountancy Group, we highly recommend Xero as an efficient, streamlined, and ATO-compliant payroll and superannuation solution. If you’d like to discuss transitioning your business to Xero, call our team today on (07) 4688 2500 — we’re happy to help.

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