As a business owner with employees, the Australian Taxation Office (ATO) has warned that it is important to stay on top of your payroll.
This includes:
* Accurately recording the amount you pay employees
* Withholding the correct amount of tax
* Calculating and paying superannuation guarantee accurately
As the end of this financial year draws closer on 30 June, remember these important ATO dates:
* From 1 July, the tax rate threshold and tax tables will change, which will affect your pay-as-you-go (PAYG) tax obligations for the 2024-25 tax year.
* From 1 July, the super guarantee rate will increase to 11.5%.
* By 14 July, you must have finalised single touch payroll declarations for all employees you’ve paid in the 2023-24 financial year.
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