How to remain Tax-Compliant

The Australian Taxation Office (ATO) has reminded businesses of the importance of meeting their employer obligations, to avoid penalties and interest.
 
ATO tips included:
  • PAYG withholding. Pay close attention to tax tables, as different workers may have different withholding rates.
  • Single touch payroll (STP). Report payroll information through STP-enabled software each time you pay your employees. Make an end-of-year finalisation declaration by 14 July, so staff can complete their tax return.
  • Superannuation. The super guarantee increased from 10.5% to 11.0% on 1 July 2023 and will increase to 11.5% on 1 July 2024. If you have a new employee and they don’t choose a super fund, request their stapled fund details from the ATO.
  • Fringe benefits tax (FBT). If you provide non-cash benefits to your employees, consider whether FBT applies. Ensure you use approved valuation methods when determining the taxable value of fringe benefits provided.
  • Due dates. The ATO can support your business if unexpected events make it hard to meet your employer obligations. If you’re having trouble paying in full or on time, contact the ATO ahead of time to discuss your options, including a payment plan.
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