Tax-Time Responsibilities for Employers


tax time responsibilities for employersAs an employer, tax-time brings with it a number of obligations – not only to the ATO, but to your employees as well. Here’s a checklist to help you keep on top of things:

  • Don’t forget to physically pay your staff’s Superannuation before 30 June to claim a tax deduction in this financial year;
  • Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) & send the associated data electronically. Click here for more information about SuperStream compliance;
  • Don’t forget to send the ATO your payment summary annual report as soon as possible after June 30. If you have more than 20 employees, note that Single Touch Payroll (STP) comes into effect from 1 July (STP is essentially direct reporting to the ATO of salary and wages, PAYG withholding and superannuation contribution information.)
  • Make sure you use the latest tax rates to calculate withholding tax from 1 July. Any updates to the tax table will be featured here;
  • You need to provide payment summaries to your employees by 14 July so they can complete their tax returns;
  • Are you in the Construction industry? If so, your subcontractor Taxable payments annual report must be lodged by 28 August;
  • Your WorkCover premium is calculated every July based on your rateable remuneration. Your certified rateable remuneration must be reported by 30 October if your remuneration is over $200,000, or 31 March if your remuneration is under $200,000.

If you need further information about any of these tax obligations, or would like a hand preparing your taxes, just call us on 9887 8751 or email us for an appointment.