Important Changes for the Upcoming Financial Year
Please be aware of some key changes that will come into effect from 1 July. If you have any queries or require any assistance on any of these matters, please don’t hesitate to contact us:
Superannuation Increase and Payment Dates
Please note that effective from 1 July the Super Guarantee (SGC) percentage will increase from 10.5% to 11%. It will increase again from 1 July 2024 to 11.5% and again from 1 July 2025 to 12%.
Employers need to make super guarantee (SG) contributions to an employee’s super fund for every quarter and ensure that they are received by the fund by the following dates:
Superannuation Increase and Payment Dates
Please note that effective from 1 July the Super Guarantee (SGC) percentage will increase from 10.5% to 11%. It will increase again from 1 July 2024 to 11.5% and again from 1 July 2025 to 12%.
Employers need to make super guarantee (SG) contributions to an employee’s super fund for every quarter and ensure that they are received by the fund by the following dates:
- Quarter 1 (July–September) – due 28 October
- Quarter 2 (October–December) – due 28 January
- Quarter 3 (January–March) – due 28 April
- Quarter 4 (April–June) – due 28 July
If you do not pay minimum SG contributions by the due dates, you must pay the super guarantee charge and lodge a Superannuation guarantee charge statement.
Please note, if you want to claim a deduction for the Quarter 4 super contribution in the current financial year, you must lodge, pay and the amount clear before 30 June.
ATO PAYGW pre-fill is coming to Activity Statements
From July 2023, the ATO will use employers’ Single Touch Payroll (STP) data to pre-fill pay as you go (PAYG) withholding labels W1 and W2 on your ATO Online activity statements.
ATO PAYG withholding pre-fill will be available from the:
Please note, if you want to claim a deduction for the Quarter 4 super contribution in the current financial year, you must lodge, pay and the amount clear before 30 June.
ATO PAYGW pre-fill is coming to Activity Statements
From July 2023, the ATO will use employers’ Single Touch Payroll (STP) data to pre-fill pay as you go (PAYG) withholding labels W1 and W2 on your ATO Online activity statements.
ATO PAYG withholding pre-fill will be available from the:
- July activity statement for monthly PAYG withholders
- September activity statement for quarterly PAYG withholders
ATO PAYG withholding pre-fill will appear when activity statements are made available in ATO online services.
Pre-filled amounts can be changed if needed to match your payroll records if needed.
Any other remaining labels will need to be completed before lodgement.
Fuel Tax Credits
From 1 July, the road user charge for heavy vehicles is increasing to 28.8 cents per litre. This means that the fuel tax credit rates for fuel used in heavy vehicles for travelling on a public road will decrease. For further information, please refer to this link – https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits—business/Rates—business/From-1-July-2023-to-30-June-2024/
Best Regards,
Pre-filled amounts can be changed if needed to match your payroll records if needed.
Any other remaining labels will need to be completed before lodgement.
Fuel Tax Credits
From 1 July, the road user charge for heavy vehicles is increasing to 28.8 cents per litre. This means that the fuel tax credit rates for fuel used in heavy vehicles for travelling on a public road will decrease. For further information, please refer to this link – https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits—business/Rates—business/From-1-July-2023-to-30-June-2024/
Best Regards,
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