When do employers need to get it right this tax time
When do employers need to get it right this tax time
June 27, 2023
Single Touch Payroll (STP) finalisation: you need to finalise your employees’ 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’re finalising STP data for the 2022–23 financial year – particularly if doing so early in July.
PAYG withholding: you’ll need to lodge a PAYG withholding annual report for all payments not reported and finalised through STP.
Tax tables: make sure you’re 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.