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Are you an employer?
Posted by Team AVS on 24 May, 2024 0 CommentsIf you’re an employer, it’s time to review your end of financial year (EOFY) employer tax and super obligations.
As an employer, it’s important you keep on top of your payroll governance. This includes:
- using your tax and super software to record the amounts you pay
- withholding the right amount of tax
- calculating super guarantee (SG) correctly.
As 30 June gets closer, check your employer reporting obligations, along with any upcoming key dates, including for:
- Pay as you go (PAYG) withholding –From 1 July, the individual income tax rate thresholds and tax tables will change, which will impact your PAYG withholding for the 2025 tax year.
- SG rate change – From 1 July, the SG rate will increase to 11.5%. Make sure you pay your SG contributions by 28 July in full, on time and to the right fund.
- Single touch payroll (STP) reporting – Remember to make STP finalization declarations by 14 July for all employees you’ve paid during the financial year. Make sure to:
- check your employees’ year-to-date amounts are correct
- ensure your declaration is for the 2023–24 financial year.
If you realize you’ve made a mistake, fix your STP data as soon as possible and re-finalize.
Remember to use good record keeping practices and review your payroll policies and procedures to account for any changes that could impact your business.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
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