Nicholas Kohler Director

E nkohler@directnorthadvisory.com.au
T +61 (8) 8110 6012
F +61 (8) 8110 6013

July 2023

Newsletter; STP finalisation due July 14 (no more payment summaries) & Superannuation guarantee rate increase from 10.5% to 11%

STP finalisation due July 14 (no more payment summaries)

When you report and lodge a finalisation declaration under STP, you are exempt from lodging a payment summary annual report and providing payment summaries to your employees (employees can access their year-to-date and end-of-year income statements through myGov or their tax agent).  Further details can be found here: https://www.ato.gov.au/business/single-touch-payroll/start-reporting/end-of-year-finalisation-through-stp/

Superannuation guarantee rate increase from 10.5% to 11%

From 1 July 2023, the super guarantee rate increased 11%.  QuickBooks and Xero should automatically apply the update to any pay processed with a payment date on 1 July or later.

The rate will continue to increase by 0.5% each year until the rate reaches 12%:

2023/2024           11.0%

2024/2025           11.5%

2025/2026           12.0%

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