End of year employer obligations
For employers, the ATO has issued some reminders of key changes and important due dates as the end of the income year approaches.
First, the individual tax rates will change from 1 July 2024. This in turn will impact on the PAYG withholding rates of employers for the 2025 income year.
Second, the ATO is reminding employers that the SG rate will increase to 11.5% from 1 July 2024 which means it is important to take this into account to ensure superannuation guarantee amounts are calculated correctly. Superannuation guarantee for the June 2024 quarter is also due to be paid by 28 July.
Also, the ATO is reminding employers that they should make sure to complete their single touch payroll finalisation declarations by 14 July. Just be aware that there can be extensions for closely held employees.
More Information
BE THE FIRST TO KNOW
Subscribe to receive future reports.
Complete the form below to receive timely and insightful information directly to your inbox. Make sure you never miss an update.
