Your Essential Guide to EOFY 2024

As EOFY approaches, ensure your payroll, STP and superannuation processes for the financial year is ready. This guide covers finalising Single Touch Payroll (STP) reporting in Microkeeper, updates on new 2024/2025 Super and Tax settings, key EOFY dates, and tips for managing final super contributions. 

End of Year Finalisation with Single Touch Payroll

The ATO requires businesses to lodge a STP finalisation declaration by the 14th of July*, which when submitted will allow employees to complete their tax return.

We have detailed the steps required to lodge a Final STP submission, using Microkeeper, below.

*Employees with closely held payees may have different finalisation due dates

Finalising STP Reporting in Microkeeper

The end of the financial year marks the time to complete your Single Touch Payroll (STP) reporting obligations. STP reporting ensures that your employee payroll information is reported to the ATO each pay period. To finalise your STP reporting in Microkeeper, follow these steps:

1. Finalise your data for the year and ensure the following:
   
   
   1. All pay runs with payment dates that fall on and before the 30th of June for the current financial year, has been entered into the system.
      
      
   2. All payment data within the payruns (total tax and total values) match your accounting suite.
      
      
2. Lodge the Final STP Submission by entering the STP ATO Lodgment page of the last pay run of the financial year.
   
   
   1. Navigate to Menu > Payroll > Payruns> Payslip > click the STP Lodge button on the locked pay run.
      
      
   2. Configure the "Prepare to Lodge" setting with the following:
      
      
      1. Select Final Payrun as Lodgement Type.
      2. Select Submit as the Event Type.
          
         
         
         
   3. Ensure Total Tax and Total values match the accounting suite.
      
      
3. Confirm the lodgement if the data is correct.

The ATO will confirm if the submission was successful, this typically takes about 5-10 minutes, but can take up to 72 hours.

You can find the STP lodgement status under the STP log. The STP log should state that your submission is a Final Type. 

If you encounter any issues or need assistance with finalising your STP reporting, reach out to our support team for guidance. 

Group Certificates

With the introduction of Single Touch Payroll (STP), you no longer need to provide your employees with payment summaries for information you report and finalise through STP. Instead Employees will receive an Income Statement available in ATO online services through myGov.

Employees can start their tax return lodgment through their myGov account as soon as the STP finalization declaration has been submitted. 

Updates on Global Super and Tax Settings for 2024

The 2024/2025 financial year brings important changes to superannuation and tax settings that impact your payroll processes. Key updates for 2024/2025 include:

• Super Guarantee Increase: From July 1, 2024, the Superannuation Guarantee rate will rise to 11.50%.
• Tax Rate Adjustments: Individual income tax rates and threshold changes. From 1 July 2024, the proposed tax cuts will:

  • reduce the 19 per cent tax rate to 16 per cent

  • reduce the 32.5 per cent tax rate to 30 per cent

  • increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000

  • increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

Both of these changes will be automatically made to the Microkeeper system so no action is required.

Important EOFY dates

To effectively manage your EOFY tasks, it's crucial to be aware of key dates and deadline. Here are some important dates to remember:

1. June 30: End of financial year.
2. July 14: Deadline for finalizing STP reports for the previous financial year.
3. July 31: Due date for lodging payment summaries and EOFY reports with the ATO.

Mark these dates on your calendar and plan your EOFY activities accordingly to avoid missing important deadlines.

Final Super Contributions Due Dates and Tips

To prevent complications ensure final super contributions are timed correctly, know your super clearing deadlines and how long processing will take.

Microkeeper recommends submitting and paying super contributions no later than 3:30pm AEST, 19 June 2024, to ensure you make the end of financial year cut-off.

Especially if:

• you want to claim the tax benefit this financial year.

• employees want concessional contribution payments (SG & Salary sacrifice) to count
  towards their annual concessional contribution threshold. 

Remember to make sure you have sufficient funds in your bank account and make your submission before the bank cut-off of 3:30pm.

IMPORTANT:
 Starting on July 1st 2024, SuperChoice will be discontinued and all superannuation contributions will take place on Beam.
 Make sure to check our  guides on how to do the switch.

More info?

Check out the full Single Touch Payroll Guide here.

More information on the payroll process can be found here. 

Still have questions? Check out our FAQ by clicking on this link or contact our Support Team though the contact page.