Any remaining April – June super contributions must be received (by fund) by 28th July, regardless if you pay monthly or quarterly. If you have any concerns about being able to make this payment on time, please contact us now so we can discuss options.Severe penalties will apply for late
Happy New Financial Year!
July is a big month for small business owners – Super goes up to 12% for all wage payments made in July (regardless of period worked), minimum wages increase from the first full pay period in the month, and HECS debt thresholds increase.
Group certificates need to be finalised, super needs to be paid.
And we’re going to be stopping for cake a couple of times this month!
Annual ‘STP Finalisation’ needs to be filed with the ATO by 14th July. (This replaces providing Payment Summaries/Group Certificates to your staff.)
Your team will not receive any documentation from you, they will be able to access details in their MyGov account once the finalisation has been completed.
We will reconcile payroll accounts and prepare STP Finalisation report for authorisation to lodge with the ATO in early July for all of our clients.
Keep calm – its only EOFY
End of Financial Year is approaching at full speed!
Keep Calm and work with your team of accounting experts to ensure a smooth ride.
We’ve stared down a heck of a lot of year ends and we’ve got our systems and checklists lined up to do it all over again. Let us know if you’d prefer to sit back with a cuppa and let us manage it for you.
From 1 July 2025, the National Minimum Wage will increase by 3.5%. This means the National Minimum Wage will be: $948 per week, or $24.95 per hour.
Unfortunately you can’t set up or review the new award rates yet, they are usually only available just in time for payday.
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!
Superannuation paid on behalf of ALL employees (and some contractors) will increase to 12% for payments (bank transfer) on or after 1st July 2025 (regardless of period worked).
You may wish to review employment contracts.
Contracts with salary packages including super mean pay goes down as super goes up. And that could make you an unpopular boss!
Xero is updating plan inclusions now and prices will increase on 1st July.
Ask us to help you review your plan to confirm you have the features you need. It’s easy to switch and you don’t need to commit to a long timeframe.
When was the last time you reviewed your prices?
To qualify for a tax deduction in the 2025 financial year, or if you are managing your super cap, cash needs to reach the superfund and they need to complete the paperwork by 30th June. Payments from Xero need to be authorised before Friday 20th June as superfunds muck around with the moolah for days or weeks.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
Here we are at the end of the financial year already – don’t panic, but do get organised.
