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).
Contact us
DFK Benjamin King Money can help you implement these strategies and more. Contact us today if you would like any further information or assistance
