Employer EOFY & STP Compliance Checklist

Key Deadline: All STP Finalisations must be completed by July 14th so your employees can lodge their tax returns.

As an employer in Australia, the end of the financial year means more than just filing a tax return; it involves critical compliance tasks for payroll, superannuation, and insurance. Use this interactive checklist to stay organized and ensure your business is ready for the new financial year.

Employer Compliance Checklist

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1. Payroll & STP Finalisation

Reconcile Payroll to Bank Statements Ensure your Xero/MYOB payroll records match the actual net amounts paid to employees.

Verify Allowances & Deductions Check that car, laundry, or other allowances are correctly categorized under STP Phase 2 rules.

Submit STP Finalisation Complete the 'Finalise' process in your software by July 14. This updates your employees' MyGov status to 'Tax Ready'.

2. Superannuation

Pay Q4 Super Guarantee (SG) To claim a deduction this year, super must be cleared by June 30. Absolute legal deadline is July 28.

Review Employee Super Fund Details Verify TFNs and fund USIs for new hires to avoid payment rejections.

3. WorkCover & Payroll Tax

Declare Actual Wages for WorkCover Report your actual total wages for the past year to your insurer and provide a new estimate.

Annual Payroll Tax Reconciliation If your total Australian wages exceed the state threshold, complete your annual reconciliation.

4. Contractors & New Year Setup

Taxable Payments Annual Report (TPAR) Due August 28 for businesses in building, cleaning, courier, or IT services hiring contractors.

Reportable FBT Amounts Check for reportable fringe benefits (cars, etc.) that need to be shown on employee income statements.

Apply New Wage & SG Rates Ensure your software is updated for the new Minimum Wage and Super Guarantee rate starting July 1.

Expert Advice: Many employers encounter 'out of balance' errors during STP finalisation. If you need help reconciling your Xero/MYOB data or determining contractor eligibility, contact Loyal Bright Accountants today.

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