The 2023 financial year has gone by in the blink of an eye! We’ve got you covered for all things end of financial year, here’s what you may need to do or know!
Key Dates to Remember
14th July - Single Touch Payroll (STP) Finalisation
· STP Finalisation Declarations are due.
· For non-STP Employers – PAYG Payment Summaries must be issued to employees.
28th July – Payroll Tax Remittance and Superannuation Contributions
· Payroll Tax remittance is due for June and Reconciliation for the 2023 year.
· Superannuation Contributions for June 2023 Quarter are due.
14th August – Payment Summaries
· Payment Summaries must be sent to the Tax Office (for Non-STP employers).
28th August – TPAR Reporting
Taxable payment annual reporting (TPAR) due to the ATO for businesses who are in the following industries:
o Building and construction
o Cleaning services
o Courier services
o Road Freight services
o Information Technology (IT) services
o Security, Investigation, or Surveillance services
o Government Entities
15th September – RTWSA Remuneration Return Due
· The 2022-23 Return to Work SA employer remuneration return is due for all payers.
If you would like any assistance with the above EOFY finalisation key dates, please contact our office to discuss.
Key changes you need to know
Superannuation Increase
The super on wages is changing, lifting from 10.5% to 11% on 1st July 2023. If you employ people, it’s time to adjust how much you put away for each pay run. Your software should automatically change if you are on the latest version, however we recommend you check to make sure it is correct.
Minimum Wage Increase
Fair Work has upped the minimum wage, which will be increased by 5.75% starting 1st July 2023. It's important you make any required changes to your employees pay rates before the first payment of the financial year.
As always, be sure to check in with us if you have any questions.
