It's important to keep on top of your employer obligations. As the end of financial year approaches, check what you need to do and take note of upcoming key dates:
- Super guarantee (SG) - Pay all SG contributions by 28 July in full, on time and to the right fund. For the quarter ending 30 June, apply the 11.5% SG rate for salary and wage payments made before 1 July.
- Super guarantee rate - Increases to 12% on 1 July. This rate applies for payments of salary and wages to eligible workers on and after 1 July, even if some or all of the pay period it relates to is before 1 July.
- Pay as you go (PAYG) withholding – From 1 July, some withholding schedules and tax tables will be updated, but not all. Use the correct tax tables or the tax withheld calculator to work out how much to withhold from your employees’ payments. Update your payroll software to withhold, report and pay the correct amount of tax.
- Single touch payroll (STP) reporting – complete a STP finalisation declaration by 14 July.
- Lodge a finalisation declaration for all employees you’ve paid and reported through STP so they have the right information to lodge their income tax returns.
- Finalise all employees you’ve paid in the financial year, even those you haven’t paid for a while, like terminated employees.
- If you change payroll software providers, finalise your records before you change. This ensures you and your employees have accurate information during tax time.
Routinely review your payroll policies and procedures for any changes that impact your business, and put good record keeping practices in place.
Stay on top of your reporting, lodgment, and payment deadlines to avoid penalties.
For more information, visit ato.gov.au/employers or speak with a registered tax professional.