Employer Obligations for End of Financial Year

With the end of the financial year approaching, it is important that employers keep on top of their payroll and bookkeeping. This includes:

-          ensuring that your tax and super software is being used to record the amounts being paid to employees and other entities

-          withholding the correct amount of tax

-          calculating super guarantee correctly

Be sure to check for important dates and your reporting obligations as 30 June gets closer. Some important upcoming dates to note:

-          PAYGW (Pay as you go withholding) rates will change from July 1. As the individual income tax rate thresholds and tax tables change, this will impact their PAYG withholding for the 2025 tax year

-          Super Guarantee rates will increase to 11.5% from 1 July. Employers should make sure they pay their SG contributions by 28 July in full, on time and to the right fund

-          STP (Single Touch Payroll) finalisation declaration should be made by employers by July 14 for all employees that the employer has paid during that financial year. Be sure to check that the year to date amounts are correct and the declaration is for the 2023/24 financial year

If you need any assistance or advice with the above information, please contact out office on 07 5575 1333 or click here.

REF: Australian Taxation Office, Small Business Newsroom, 10 June 2024