2024 Tax Time

Employers

End of Financial Year Obligations

The ATO reminds employers they need to keep on top of their payroll. Including:

- Recording amounts paid on on tax and super software.

- Withholding the right amount of tax.

- Calculating superannuation guarantee correctly.

Upcoming Key Dates

1st July - PAYG Withholding, Individual income tax rate threshold and tables will change. This will impact PAYG withholding for the 2025 Tax year/

1st July - SG rate change, Super rate will increase to 11.5%.

14th July - Single Touch Payroll reporting to be finalised for all employees that have been paid during the the financial year. (Making sure amounts are correct and for the 2023/24 year)

28th July - Super to be paid in full

If you need any help with any of these obligations please contact our office, we will be happy to help you out.

Some Things to Remember

Golden Rules

If you want to make a claim for work-related expenses, you need to follow the three golden rules:

- The expense must relate to your work

- You mustn't have been reimbursed by your employer

- You must be able to prove that you spent the money. That means that you must keep receipts, invoices or statements to demonstrate that you actually incurred the expense

Keep a Paper Trail

Keep electronic copies of all documentation in relation to expenses. Paper receipts get lost or fade, keeping everything together on your phone or computer will save time and effort when you come to complete next year's tax return. The ATO has an app in which you can do this, you can also try 'Expensify'.

Seek Advice

Get help! Using a tax agent takes away the stress of needing to know all the rules and regulations and opens up a whole world of expertise to guide you through the process. That way you can be sure you're claiming everything you're entitled to.