With the end of the current tax year upon us, please do not forget about your final tax obligations for 2025. Here is a list of key tax dates for June 2025.
The end of the current financial year is upon us. For most of you, this means preparation to start finalising your general ledger accounts for the upcoming end of year compliance.
In order for you to be across all upcoming due dates and deadlines, please find a list of the key compliance dates below for June 2025. Make sure these lodgments are up to date to avoid any interest or penalties.
KEY TAX DATES – JUNE 2025
5 June 2025 – Income tax – Due date for lodgment of tax returns of all entities 5 June concession. Note: Entities eligible for the 5 June 2025 concessional due date can lodge by 8 June 2025, as long as any liability due is paid by this date. You do not need to apply for a deferral.
21 June 2025 – GST – Monthly Activity Statement and payment for May 2025
21 June 2025 – PAYG withheld and PAYG instalment – Monthly Activity Statement and payment for May 2025
25 June 2025 – FBT – Lodge 2025 FBT annual return for tax agents if lodging electronically, if you are lodging with us
30 June 2025 – Superannuation guarantee – Super guarantee contributions must be paid by this date to qualify for a tax deduction in the 2024–25 financial year.
We’re here to help if you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call, email or text us.
Australian Labor party (ALP) will form the government for a second consecutive term after winning the Federal election with majority seats. We have summarised for you, all tax measures proposed by the ALP throughout their federal election campaign.
The ALP has been re-elected to form a government with majority, after winning the 2025 Federal election.
During the election campaign several tax changes were proposed by the ALP, that may come into come into effect in their next term.
We have briefly analysed these measures below for you, explaining how they may apply to you or your business (post enactment).
Tax cuts
The marginal tax rate for the personal income tax threshold bracket from $18,201 to $45,000 will be reduced from 16% to 15% from 1 July 2026, and further reduced to 14% from 1 July 2027. These tax cuts, now legislated, will save about $10 a week for the average earner once both cuts have flowed through.
Instant tax deduction
A $1,000 instant tax deduction for work-related expenses from 2026–27 income year has been proposed by the ALP, this measure will allow taxpayers who earn labour income to choose to claim the $1,000 instant tax deduction instead of claiming individual work-related expenses. Those who choose to do so will not need to collect receipts for deductions less than $1,000.
Extend $20,000 instant asset write-off
As announced in the 2025 Federal budget, the increased instant asset write off is also proposed to be extended.
This measure will allow small businesses that choose to deduct depreciating assets under the simplified depreciation rules (Subdiv 328-D of ITAA 1997) to continue to deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use by 30 June 2026. The threshold applies per asset, which means small businesses can claim multiple purchases.
Reduced student loan debts and repayments
As announced in the 2025 Federal budget, from 1 July 2025, the government will implement a 20% reduction on all student loan debts, including HELP, VET Student Loans, and Australian Apprenticeship Support Loans.
The ALP formed government also plans to increase the minimum repayment threshold from $51,500 to $67,000 in from the 2025-26 income year.
Increased Medicare-levy thresholds
Also announced in the 2025 Federal budget, the Medicare levy low-income thresholds for singles, families, and seniors and pensioners will be increased from 1 July 2024.
Other measures
The power bill rebate extension will also come into effect from 1 July 2025, $150 in energy bill rebates will again be automatically applied until 31 December 2025 i.e. $75 per quarter.The existing Home Guarantee Scheme will also be extended to include all first home buyers, allowing them to purchase a property with a minimum deposit of 5%, the current eligibility criteria will be scrapped.
Contact us Please don’t hesitate to contact our office and we will be pleased to guide you through any queries that you may have in relation to these proposed measures.
The way to calculate a working from home deduction using fixed cost method for additional running expenses has been adjusted from 1 July 2024, with the ATO issuing a new hourly fixed rate.
The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses using the fixed cost method, while working from home from 1 July 2024.
Under this guidance, the ATO will allow you to make a claim of 70 cents per hour for time spent working from home. This claim is a simplified method which includes expenses for:
Energy expenses (electricity and/or gas) for lighting, heating/cooling and electronic items used while working from home
Internet expenses
Mobile and/or home telephone expenses, and
Stationery and computer consumables. This means you cannot claim an additional separate deduction for any of these expenses. For eg, if you use your mobile phone when you are working from home and when you are working from somewhere other than your home, your total deduction for the income year will be covered by the hourly fixed rate.
However, under the revised fixed-rate method, a separate claim can be made for depreciation and repairs and maintenance on furniture and equipment.
In order to make this claim, you will need to keep:
Evidence of additional expenses incurred in the form of monthly/quarterly bills or purchase receipts
A diary of the days you work from home, this can be backed up by evidence such as your timesheet or a roster, and Contact us
With tax time approaching soon, if you require any more information about calculating this deduction, please let us know and we will be happy to assist you further.
To maintain a healthy cash flow, you need more than just strong revenue. Improve your small business cash flow by implementing Five Simple Cashflow Rules.
Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along.
That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster:
Keep your books accurate and up to date – so you can see your financial state at a glance.
Don’t be too lenient with your customers – you can be direct and still polite. Keep a close watch on your accounts receivable turnover at all times and act sooner rather than later.
Keep your accounting simple – so you have a good handle on these business metrics. We can help with this.
Keep your business and your professional finances separate – this is essential to understanding your true cash flow position. Mixing your business and personal finances can leave you uncertain about business performance.
Build a cash reserve – so you are prepared for unexpected events and can take advantage of opportunities when they pop up.
First you want to get your invoicing right. Get into a habit of sending invoices quickly. Then follow the steps above to collect revenue and keep your finances organised.
Get in touch for guidance on your invoicing and business cash flow.
Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.
Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report.
Together with the balance sheet, these two reports provide a comprehensive understanding of the financial position and performance of a business.
The profit and loss statement has two main sections: income and expenses
These may be further subdivided depending on the complexity of the business and reporting requirements.
Income or Revenue
Income primarily includes main business activities such as sale of goods or services. Other income such as interest received, capital gains or income from secondary business activities is also reported.
Expenses
Expenses are usually divided into two sections: direct costs, or cost of goods sold, and expenses. Cost of goods are those that are directly linked to the provision of services or sale of goods. For example, if you buy widgets from a wholesaler and sell them at a marked-up value, the cost of the widgets is a direct cost, not an overhead expense.
Other types of direct costs might be importing and freight costs, contractor costs or certain equipment. Some direct costs are fixed, that is, they are the same from month to month, or they could be a fixed percentage of sales; others vary in value but are still related to the income producing activities.
Overhead expenses are all the other expenses required to run the business, regardless of the level of income: for example, rent, utilities, bank fees, bookkeeping fees, professional development costs, vehicle costs and staff costs. Many of these costs form the basis of working out your break-even point, or how much it costs just to open the doors for business.
There are some expenses which may be reported as a direct cost in one business but an indirect cost in another type of business, for example, merchant fees or contractor costs.
The Bottom Line
Total income minus total expenses results in the net profit (or loss), is often called ‘the bottom line’. Often business owners are just interested in looking at the bottom line, but a true financial picture requires an understanding of several reports and an ability to see the big picture that the reports are illustrating.
The P&L is a vital tool to analyse for trends over time
What does your P&L tell you about relationships and ratios between sales and expenses, seasonal changes and annual trends?
Have all your direct costs been allocated correctly?
Have you recouped all billable expenses from customers?
Financial statements help you understand the big picture for your business. With deeper understanding of your business operations and performance you can make informed decisions about your business finances.
Book a session today to examine your financial reports with our experienced business advisors.
