3 Bookkeeping Tips For New Tax Year

Posted on Jun 21, 2012 | 0 comments

Annual Reporting

Lodging your payment summary annual report as soon as you can will assist your employees to lodge their tax returns.

You must:

  1. Provide payment summaries to your employees no later that 14 July
  2. Send the Australian Taxation Office your payment summary annual report as early as possible but no later than 14 August.

It is important that you provide payment summaries to all your employees even if you were not required to withhold any tax.

Tax Tables will change from 1 July

The amount that you are required to withhold from payments you make to your employees will change from 1 July 2012.  You need to use the updated tax tables to calculate withholding amounts from payments made from 1 July 2012.

Updated tax table for the 2012-2013 income year will be available from mid-June at www.ato.gov.au/taxtables

Changes to Superannuation

Employers should be aware that a range of superannuation reforms are being introduced.  From 1 July 2012, the super guarantee rate will gradually increase from 9% to 12% over the next seven years.

 

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