2024 EOFY - what you need to know!

With the 2024-25 financial year underway, we wanted to share a reminder as what you may need to do or know!

Single Touch Payroll (STP) Reporting: STP reporting remains mandatory for all employers. This was due to be lodged by the 15th July, 2024. If you have not attended to the finalisation of your payroll, please do so immediately. Make sure you've reported employee payments including salaries, wages, PAYG withholding, and superannuation information through STP.

Payroll Tax Remittance: If relevant to you, Payroll Tax remittance is due for June and Reconciliation for the 2024 year is required by 28th July 2024.

Superannuation Contributions: Superannuation Contributions for June 2024 Quarter are due by 28th July 2024. A reminder that they must reach the fund by this date, we recommend that payment should be made at least 7 business days prior to the due date to ensure enough time.

Taxable Payments Annual Report (TPAR): If applicable lodge your TPAR by 28th August 2024 to report payments made to contractors. The services that come under the TPAR are:

·         building and construction

·         cleaning

·         courier and road freight

·         information technology (IT)

·         security, investigation or surveillance.

If your business provides these services and pays contractors to deliver them, you may need to lodge a TPAR.

RTWSA Employer remuneration return: Employers must submit the Annual Declaration by 15th September 2024. This declaration confirms wages paid to workers and provides essential information for calculating premiums.

Other important information:

Superannuation Guarantee: The superannuation guarantee rate increased to 11.5% from 1st July 2024. While most updated software will automatically reflect this change, we recommend verifying that your systems are up to date to ensure compliance.

If you need any assistance with ensuring that you are compliant with your obligations, please contact our office to discuss with one of our team members.