Navigating Business Responsibilities in the New Year
As a fresh fiscal year begins, businesses enter a busy phase, addressing impending obligations. Across diverse industries, fulfilling employee needs remains a common priority.
Single touch Payroll (STP) is the newest version of reporting your employee and director wages, without the software you will be unable to lodge this.
Throughout this month, it's essential to fulfill employee obligations and responsibilities for a smooth operational transition.
Employee STP data should be finalized by July 14 for accurate tax returns. Closely held payees' declaration is due by September 30.
Ensure you've concluded STP data for 2022-23, especially if done early in July. You must press finalised at the end of the accounting year, so employees can lodge their tax return as per normal, unfinalised wages may incur delays in the processing times.
Declare for all STP employees, including part-year and terminated ones.
PAYG Withholding Annual Report
Lodge a PAYG withholding report for non-STP payments.
Tax Tables Usage
Use PAYG tax tables for employee payments.
Super Guarantee (SG) Update
SG rate rose to 11% from July 1, 2023. Update payroll systems accordingly. The software you are using will have updated tax and superannuation tables ready to go for 2024. We use payroller if you don't have accounting systems in place.
Taxable Payments Annual Report (TPAR)
By August 28, 2023, businesses paying contractors might need to report payments and file TPAR. It applies to various industries.
To ensure a smooth fiscal start, remember these tips:
Optimize Cash Flow
Assess cash flow via statements and forecasts.
Review Business and Marketing Plans
Reassess goals, budgets, strategies, market, and competition.
Optimize Business Structure
Consult accountants to ensure tax efficiency.
Upgrade Processes and Technologies
Embrace cloud-based software, automation, and modern tech.
Experience a successful new fiscal year by fulfilling obligations and enhancing business strategies.