End of Financial Year Obligations for Employers

End of Financial Year Obligations for Employers

As the deadline of 30 June is fast approaching, employers should start preparing now to meet reporting obligations and position themselves for success in the upcoming financial year. 

The Australian Taxation Office (ATO) has issued reminders on key changes and important due dates. Here is a summary of what businesses need to know to stay compliant.

Tax and super software

Using specialised software to track and record all financial transactions related to tax and superannuation throughout the financial year is paramount to maintaining accurate calculations.

As the end of financial year (EOFY) approaches, it’s imperative to ensure all financial transactions are accurately entered and match the actual financial and bank statements.

Withholding the right amount of tax

Stay updated with the latest tax withholding rates and requirements set by the ATO and ensure timely submission of the appropriate tax withholding statements such as PAYG payment summaries. Please find essential information related to PAYG updates below.

Calculating superannuation guarantee (SG) correctly

Ensure you understand the SG rate and eligibility criteria for employees, maintaining accurate detailed records of all superannuation contributions paid to employees. Please find essential information related to SG updates below. 

Key upcoming dates and updates to mark in your calendar 

  • Effective 1 July, individual tax rates will change, impacting PAYG withholding rates for the 2025 income year.
  • Effective 1 July, SG rates will increase to 11.5%, ensure correct SG calculations and payments. 
  • By 28 July, employers must ensure all SG contributions are fully paid on schedule and into the correct fund.
  • By 14 July, employers must use the Single Touch Payroll (STP) system to submit finalisation declarations for all employees paid during the financial year and verify the accuracy of their employees’ year-to-date amounts. Extensions may apply for closely held employees. 

If you need an advisor for the 2023-34 tax year, our experienced team of tax accountants are here to guide you. We can help you reconcile your financial records, file your tax returns and plan for the upcoming financial year.

Don’t let the tax season overwhelm you. Contact Simmons Livingstone on 1800 618 800 or via email at admin@simmonslivingstone.com.au

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