Business Compliance Update
Dear Valued Client
Listed below are your End of Financial Year compliance requirements that are essential for businesses to complete and to ensure a smooth transition into the new financial year. Utilise the provided links and resources to meet these obligations accurately and on time. If you have any questions or require further clarification on any of these points, please contact our office.
1. Single Touch Payroll (STP) Finalisation due by 14 July 2024
Finalise all employees' STP information for the 2023–24 financial year. This ensures that your employees have the correct information when lodging their 2023/24 income tax returns.
Xero Payroll Finalisation Tips
QuickBooks EOFY Processing of STP
2. Contractors and your Obligations
If you engage Contractors, you need to be aware that in some instances, you are required to pay Superannuation and/or PAYG Withholding. We encourage you to use the links below to determine if you are required to pay superannuation or withhold tax for your contractors.
Superannuation Eligibility Tool
3. Taxable Payments Annual Report (TPAR) due by 28 August 2024
The Taxable Payments Annual Report is for specific businesses to report payments made to contractors. The report can be lodged through selected accounting software or directly through your ATO business portal.
4. Workcover Rateable Remuneration Reconciliation
Complete the 2023/24 annual Workcover Reconciliation detailing your Rateable Remuneration with your Workcover insurer. This also includes providing an estimate of your rateable renumeration for the 2024/25 year. Some clients have requested we complete this task. For these clients this is completed as part of your end of financial year payroll obligations.
5. Superannuation Guarantee (SGC) Rate Increase
Commencing 1 July 2024, the Superannuation Guarantee rate will increase to 11.5%. Many payroll systems will automatically increase the SGC rate, however we encourage you to check your payroll system prior to processing your first pay run for 2024/25.
Quarterly Payment Due Dates:
Superannuation Guarantee Contributions are due quarterly. The due dates for 2024/25 are:
Quarter 1 (1 July – 30 September): Due by 28 October
Quarter 2 (1 October – 31 December): Due by 28 January
Quarter 3 (1 January – 31 March): Due by 28 April
Quarter 4 (1 April – 30 June): Due by 28 July
SGC can be lodged directly through your Single Touch Payroll (STP) software.
6. Payroll Tax 2023/24 Annual Reconciliation due by 21 July 2024
Victorian businesses with an annual rateable remuneration which exceeds $700,000 must reconcile their Annual Rateable Remuneration with the Victorian State Revenue Office and finalise their payroll tax obligations.
7. 2024 Minimum Wage and Modern Award Increases
Commencing 1 July 2024, The National Minimum Wage and Modern Awards will increase by 3.75%. Ensure that your payroll system is updated to reflect these changes to avoid compliance issues.
8. Xero Subscribers
You may notice some changes to Xero business plans commencing 1 July 2024. Xero are introducing three new business plans: Xero Ignite, Xero Grow, and Xero Comprehensive. The changes aim to simplify the plan structure, making it easier to access tools and other features. Xero will notify you directly and will begin moving subscribers to the new plans in stages. All subscribers will be moved to their new plans by March 2025. We encourage you to visit the Xero website to review the changes.
9. Changes to our Payment Options
For the past 12 months we have been updating our software systems to the latest technology. We have transitioned our invoicing system to Xero whereby we can offer a more convenient option for payment, either via a secure credit card system or through a direct payment link.
These changes aim to streamline our processes and provide you with more flexibility in managing your payments.
On a final note, attached is a Financial Calendar which outlines all the tax obligations with due dates for the 2024/25 financial year.
