With the end of the financial year complete please note the following essential financial housekeeping actions affecting you and your business.

• Before rolling-over your accounting software ensure your Single touch payroll (STP) finalisation declaration for 2022-23 is correct and has been submitted to the ATO.
• STP finalisation declarations need to be made (extensions can apply for closely held employees) on or before 14 July 2023.
• Include Reportable Fringe Benefits Amounts (RFBA) for employees of more than $2,000 in STP finalisation.
• Employees will be able to access their Income Statement through their MyGov Account after STP finalisation completed.
• The Superannuation Guarantee (SG) rate increased on 1 July 2023 from 10.5% to 11%. Please ensure to review your payroll software to confirm this change has taken effect.
• Quarterly (1 April – 30 June) super guarantee payment due on or before 28 July 2023. Most superannuation clearing houses recommend submitting quarterly super payments at least 1 week prior to the due date to allow sufficient processing time.
• Taxable payments annual reports (TPAR) for payments to contractors due on or before 28 August 2023. Have you correctly classified your employee or contractor employment relationship. What are your PAYGW withholding, superannuation guarantee, payroll tax and workers compensation obligations?
• The Annual Payroll Tax Return/Reconciliation must be lodged by 28 July 2023 (NSW) and 21 July 2023 (QLD, VIC, NT, WA, Tasmania).
• Should you have any areas of concern or you need clarification on any issues please do not hesitate to call our office.