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%
