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Getting Organised for Tax Time

Getting Organised for Tax Time

GETTING ORGANISED FOR TAX TIME:

While June is a good chance to make any of those last tax-deductible purchases, it is also a good time to get on top of your accounting requirements and review any upcoming changes that may impact you.

For example, if you are wanting to make a personal superannuation contribution, your Super Fund must have received your contribution by the 30th of June.

If you are an employer, the 2023/24 Single Touch Payroll information will need to be finalised before the 14th of July.

From 1 July, individual tax rates and thresholds will change. Therefore, if you have employees, this will impact on your PAYG Withholding. You should check that your payroll software is using the new rates before processing your first pay run in July.

The superannuation guarantee rate will increase from 11% to 11.5%. and the concessional contributions cap will also increase from $27,500 to $30,000.

Also from 1 July 2024, the national minimum wage will also increase by 3.75%. This means the new national minimum wage will be $24.10 per hour, or $915.90 per week. This increase will apply from the first full pay period starting on or after 1 July 2024.

For employers that are registered for payroll tax, there have also been changes to the payroll tax threshold commencing the 1st of July. Here in Victoria, the payroll tax free threshold will be lifted from $700,000 to $900,000 for annual returns, and from $58,333 to $75,000 for monthly returns.

As always, should you need any assistance, or have any queries, do not hesitate to contact us.

Contributed by Kerryn Groves.

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