Helping employers get it right this tax time

As tax time approaches, you should start preparing to meet your annual tax and super obligations.

We’ve kick-started the process by pulling together a list of key hints to help you keep on top of things:

  • Single Touch Payroll (STP) finalisation: you need to¬†finalise your employees‚Äô STP data¬†by 14¬†July, as they use this information to complete their tax return. If you have any closely held payees, you may have a later due date for those payees. Remember to double check that you‚Äôre finalising STP data for the 2022‚Äď23 financial year ‚Äď particularly if doing so early in July.
  • PAYG withholding: you‚Äôll need to lodge a¬†PAYG withholding annual report¬†for all payments not reported and finalised through STP.
  • Tax tables: make sure you‚Äôre using the PAYG withholding¬†tax tables¬†or¬†tax withheld calculator¬†when working out how much to withhold from payments you make to your employees or other payees.
  • Super guarantee (SG) rate: the¬†SG rate increases¬†from 10.5% to 11% from 1¬†July, Ensure your payroll and accounting systems are updated to include this.
  • Fringe benefits tax (FBT): the 2023 FBT year ended on 31¬†March. If you missed the 22¬†May deadline to¬†lodge your return and pay the FBT¬†you owe, make sure you do this as soon as possible. If you use a tax practitioner to lodge on your behalf, you may have a different due date.

Check out the various resources and tools available for employers on our website.

Remember, registered tax agents can help you with your tax and super.

 

Last modified: 16 Jun 2023QC 72861

https://www.ato.gov.au/Business/Small-business-newsroom/Employers/Helping-employers-get-it-right-this-tax-time/?SmallBusNewsroomLanding

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