As we wrap up the 2024–25 financial year, ensure your business is fully compliant with all payroll-related obligations. Here’s a quick checklist to help you stay on track and avoid penalties.
1. Single Touch Payroll (STP) Finalisation – Due 14 July 2025
All employers must finalise their STP data with the ATO by 14 July 2025. This includes:
- Ensuring all year-to-date figures are accurate.
2. Payroll Tax – Annual Reconciliation
If your total Australian wages exceed the state threshold, you must:
- Lodge your annual payroll tax reconciliation with your state revenue office.
- Ensure all wages, superannuation, and fringe benefits are correctly reported.
Check your state’s due date—most are due by 21 July 2025, but this can vary.
3. WorkCover (Workers Compensation Insurance)
- Review your estimated remuneration for the 2024–25 year and update it if needed.
- Submit your actual wages declaration to your WorkCover insurer. Check with your states workcover agent for due dates.
- In Victoria, in order to received a discount on your FY 2025/2026 premium, the annual wages declaration is due by 18th August.
4. Superannuation Guarantee Rate Change
- From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia has increased to 12%
- This means employers are now required to contribute 12% of an eligible employee’s ordinary time earnings to their superannuation fund.
- Employers must continue to make contributions at least quarterly to avoid the Super Guarantee Charge (SGC).
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DFK Benjamin King Money can help you implement these strategies and more. Contact us today if you would like any further information or assistance