Group certificates, or STP finalisation – to use the new lingo, must be completed TODAY!
Reconcile payroll accounts (check for payroll tax thresholds while you are there) and submit declarations to the tax office.
It’s time to start preparing your June BAS
Using our BAS agent extension – the payment due date is 25th August.
Late lodgement will void any payment plan you have in place with the ATO and you also risk being fined.
If you didn’t pay all of your April – June super early, you’ll need to make sure it reaches employees funds on or before 28th July.
We’re preparing the super for our clients to authorise this week so they don’t get hit with penalties and fines.
The cost of late super is huge – don’t get caught out.
July is a super busy month!
Sounds exhausting! Lets get moving, one step at a time
Superannuation paid on behalf of ALL employees (and some contractors) will increase to 11.5% for payments (bank transfer) on or after 1st July 2024 (regardless of period worked – don’t split super rates for June and July hours worked).
You may wish to review employment contracts.
Contracts with wages including super mean pay goes down as super goes up. And that could make you an unpopular boss in this climate!
You will need to file an annual ‘STP Finalisation’ to the ATO by 14th July. (This replaces providing Payment Summaries/Group Certificates to your staff). Staff will not be receiving any documentation from you.
If any adjustments to payroll are needed jump onto it ASAP, then reconcile payroll accounts and only then submit the finalisation to the ATO.
Hey monthly lodgers, if you haven’t already, remember to e-sign your May IAS to avoid any late lodgment fines. Best to make the payment too!
The media has hardly mentioned it at all, so you may have missed it – New tax tables are effective from the first pay date from 1st July.
Xero will automagically update tax tables, you might have problems if you are still using old desktop software, maybe its time to catapult your business into the cloud?
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
The Fair Work Commission has decided to increase minimum wages by 3.75%, to $915.90 per week or $24.10 per hour, for the first full pay period after 1st July 2024.
Updated awards will not be published until 1st July – so add an item to your TO DO list for later.
