Keep on top of your payroll obligations

As an employer, it’s important you keep on top of your payroll governance.

Whether it’s using your tax and super software to record the amounts you pay, withholding the right amount of tax, or calculating super guarantee correctly, meeting your employer obligations ensures your remuneration arrangements are set up correctly.

With tax time right around the corner, the Australian Taxation Office is encouraging all businesses to check their reporting and payroll obligations and to note upcoming dates including:

• Pay as you go (PAYG) withholding – From 1 July, the individual income tax rate thresholds and tax tables will change, which will impact your PAYG withholding for the 2025 tax year.
• Super Guarantee (SG) rate change – From 1 July, the SG rate will increase to 11.5%. Make sure you pay your SG contributions by 28 July in full, on time and to the right fund.

• Single touch payroll (STP) reporting – Remember to make STP finalisation declarations by 14 July for all employees you've paid during the financial year. Make sure to:
  • check your employees' year-to-date amounts are correct
  • ensure your declaration is for the 2023–24 financial year.

If you realise you have made a mistake, fix your STP data as soon as possible and re-finalise.

Remember to use good record keeping practices and review your payroll policies and procedures to account for any changes that could impact your business.