Australian end of financial year (EOFY) can be an intimidating time for businesses. Often, new legislation affecting businesses and their staff also begins in the new financial year on 1 July.
During this busy period, it can be hard to keep up with all of the changes and requirements. For this reason, Sybiz will again be hosting our annual Australian EOFY webinar in June. This free webinar will cover important updates related to your Sybiz ERP and payroll solutions and gives our customers the opportunity to ask questions during the live session.
Registrations are open now.
Here are some of the topic items that will be covered in more detail during the webinar:
Superannuation Guarantee rate increase
The Superannuation Guarantee (SG) Rate is legislated to increase incrementally by 0.5% each year until 12% is reached in 2025. On 1 July 2023, it is set to increase another half percent, to 11% as planned.
Instructions on how SG rates can be updated in Sybiz Visipay are
available and will be covered in our end of financial year webinar in June. Alternatively, please contact your Sybiz Authorised Business Partner for further assistance.
Tax scale and STSL updates
Individual tax rates are remaining the same for the 2023/24 financial year but STSL will be subject to their annual update and pushed out via the tax scale update process for Sybiz Visipay prior to 1 July 2023.
Paid Parental Leave Changes
From 1 July 2023, the
Paid Parental Leave Pay, and Dad and Partner Pay will be combined into one payment as well as increasing from the current 18 weeks (90 paid days) to 20 weeks (100 paid days). This entitlement will continue to increase by 2 weeks (10 paid days) each new financial year until it reaches a total of 26 weeks (130 paid days) in July 2026.
Parents will also be able to share their Paid Parental Leave Pay entitlements with each other, this includes taking PPL days at the same time and between periods of paid work.
Paid family and domestic violence leave for smaller employers
A
new type of leave is available for victims of family and domestic violence in Australia, allowing employees 10 paid leave days in a 12-month period. The new leave type replaces the current 5 days of unpaid domestic violence leave available to Australian employees.
Initially, these leave days were rolled out to larger employers (those with 15 or more employees) on 1 February 2023, but on 1 August 2023, smaller employers (those with less than 15 employees) will be able to offer this same leave entitlement to their staff. Until the paid days take effect, the current 5 days of unpaid leave will still be available for use.
STP reporting date 14 July
STP reporting must be finalised and submitted by Friday 14 July for the 2022/23 financial year. This will allow
employees to access their income statements via MyGov for tax returns.
SybizSuper EOFY contribution cut off - 21 June
For SybizSuper customers, it is necessary to ensure you allow sufficient time for super contributions to clear through SuperChoice to reach destination accounts prior to the end of the financial year. The cut-off date for SybizSuper contributions through SuperChoice this EOFY is 4pm AEST on 21 June 2023.
SG & BAS Quarter 4 cut off 28 July
Super Guarantee (SG) payments must be made by 28 July 2023 at the latest. If minimum super contributions are not made by this date or cleared in time by your clearing house, employers must lodge a Superannuation Guarantee Charge (SGC) statement by 28 August 2023. Be sure to check your clearing house cut off dates in advance and allowing additional time for payments to clear.
If you are lodging quarterly, your
Business Activity Statements (BAS) for quarter 4 must be lodged by 28 July 2023. Allowances may be made in the event of natural disasters or other hardships via the ATO.