End Of Financial Year with Employees
With the end of financial year fast approaching we want to make sure if you have any employees you are ticking all of the ATO's boxes!
We have prepared a checklist to make sure you are top of it:
1- SUPER DEDUCTION
I know we all are looking for ways to minimise our tax bill - have you considered paying your June quarter super early?
If you process your employee's super and it reaches their super funds before the 30th June 2025, you will be able to claim the deduction in this financial year instead of next. To make sure you get through in time, process your super ASAP! p.s. if you do this just make sure you also pay any remaining super for April to June quarter by 28th July deadline.
2 - NEW SUPER RATE & SUPER DUE DATES
In the 2026 financial year, the compulsory super guarantee % has increased to 12%. If you are using a software like Xero & have selected for your super to calculate based on the statutory rate, it will automatically increase to 12% and you won't need to do anything.
With the ATO getting smarter at data matching to payroll lodged via Single Touch Payroll, missing super payment dates is costly! To avoid this, set a reminder in your calendar to process your super 3 weeks before the below due dates. This will ensure you are always on time and avoid any penalties, admin fees and interest.
3- SINGLE TOUCH PAYROLL (STP)
Do you remember when we used to receive a group certificate or payment summary at the end of the year? End of year STP finalisation is the new electronic version of this where we let the ATO know of your employees wages, super & PAYG Withholding so that the employee can lodge their tax returns.
This needs to be complete by the 14th July. Don't forget to chuck this in your calendar for the first week of July!
If you're wondering how you go about processing this, here at Fenwick Collective we have your back! In the first week of July we will be releasing a step by step "how to" guide on processing STP. Make sure you are following us on Instagram to see when we release this! We can also complete this whole process and reconcile your wages for the 2026 financial year for you, if this option sounds great then reach out for a quote for this service.
4- FAIRWORK WAGE INCREASE
The National Minimum Wage will increase by 3.5% on the 1st July 2025. This increase will apply from the first full pay period starting on or after 1 July 2025. This means if the 1st July 2025 falls in the middle of your pay run, you don't need to make changes until the next pay run.
Fairwork will publish the awards with the increased rate closer to the 1st July 2025, so keep an eye out for this.
5- WORKCOVER
Workcover insures your workers against work-related injury or illness. Workcover will allow you to make a claim and can cover the cost of some of your employees wages whilst they are unable to work.
This is an upfront cost that could save you lots of money down the track!
Please note, this is based on Queensland - if you are located in a different statement please reach out to our team for information specific to you.
6- PAYROLL TAX
Have you checked if your taxable wages are nearing the payroll tax threshold of $1.3 million within a financial year OR $25,000 per week? As the ATO is getting smarter at data matching - this is something you will want to stay on top of!
For payroll tax, the QRO defines "payroll tax" as wages + some contractor payments + super.
Let us know if you need a hand to work out if you are nearing these thresholds.
Please note, this is based on Queensland - if you are located in a different statement please reach out to our team for information specific to you.
7- PAYG WITHHOLDING REGISTRATION
PAYG Withholding is the reporting and payment of tax from your employees wages to the ATO. If you have only recently become an employer have you made sure you have registered for PAYG Withholding?
8- SAVING FOR SUPER & PAYG WITHHOLDING
2026 (financial year) is the year where you are able to stay on top of your super & BAS payments! The best way to do this is to transfer the super & PAYG W amount from your pay run into a separate savings account so it is there when these due dates pop up.
Moving these amounts out of your main bank account will also allow you to see how much money you have left to purchase new stock, equipment or other expenses. Cashflow has never been so easy!
9- PAYROLL CLEAN-UP
Throughout the year have you been terminating employees in your payroll software as they have been leaving? This is one of those jobs that will always sit at the bottom of your to-do list and never get done! Why not do a quick spring (or winter) clean and check if this is up to date so you are ready for the next financial year!
10- HR ADVISOR
Have you recently checked over your contracts for new employees to see if it includes all of the important information? If not, now might be a good time to get in touch with a HR Advisor to ensure you are providing all of the fun, legal information required.
If you would like a referral for a contact in this department then reach out to one of us at Fenwick Collective!
11- TPAR
I know this is still quite far away but with the way the year has flown we don't want you to forget about this!
TPAR's are where you report contractor & subby payments to the ATO and are due the 28th August. This is your reminder to put it in your calendar before you forget!
If you want help with working out if you are required to lodge a TPAR or you would like our team to lodge this for you, reach out to us!
If you have any questions about the above checklist, reach out to our amazing staff at the contact details below.