TAX TIME ADVICE

End of Financial Year Obligations for Employers: What You Need to Know

As the financial year wraps up, the Australian Taxation Office (ATO) reminds employers to stay on top of their payroll responsibilities to ensure smooth reporting and compliance. Here’s a quick guide to key tasks and important dates to keep in mind:

Payroll Essentials to Keep Track Of:

• Record all payments accurately using tax and superannuation software.

• Withhold the correct amount of tax from employees’ pay.

• Calculate the Superannuation Guarantee (SG) correctly.

Important Dates for Employers:

• 1 July 2025:

• PAYG withholding rates and individual income tax thresholds will change, affecting withholding calculations for the 2025 tax year.

• The Superannuation Guarantee rate will increase to 11.5%.

• 14 July 2025:
  Finalise Single Touch Payroll (STP) reporting for all employees paid during the 2023/24 financial year, ensuring all reported amounts are correct.

• 28 July 2025:
  Full payment of superannuation contributions is due.

If you need assistance meeting these obligations, don’t hesitate to contact your accountant or tax professional—they can guide you through the process.

End of Financial Year Tips for Employees 

If you’re an employee looking to claim work-related expenses on your tax return, keep these golden rules in mind:

1. The expense must be directly related to your work.

2. You must not have been reimbursed by your employer.

3. You must keep proof of the expense (receipts, invoices, or bank statements).

 
Store electronic copies of all expense documentation to avoid lost or faded receipts. Apps like the ATO’s official app or Expensify can make this easier.
A tax agent can help you navigate the rules and maximise your eligible claims, reducing stress and ensuring accuracy.

Stay organised, meet deadlines, and get professional support if needed to make this end of financial year as hassle-free as possible!