There are two things to be aware of for the end of financial year:
- Final STP is due by 14 July.
- The Superannuation Guarantee rate has changed to 11% from 1 July.
1. Submitting your Final Year-end STP file
Once you’ve completed all your payslips for the year just ended, you need to send a Final STP file by 14 July 2023. This replaces manual payment summaries of the past that are no longer required. You should do this once you've completed all payslips that have a payment date of 30/6 or earlier.
Note that a payslip that contains work days before and after 30/6 but with a payment date in July is considered by the ATO to be in the next financial year. There is no need to 'split' any payruns in two across the financial year.
Submitting your Final STP file:
- confirms the final yearly values with the ATO for each employee.
- marks their income statement in their myGov account as ‘Tax Ready’.
- means your employees can do their personal income tax return, which is pre-filled with amounts from the Final STP file.
We’ve made this really simple. Just go to the STP screen, click the banner and follow the on-screen instructions.
Or, if you need a hand, take a look at this detailed help guide on Submitting Your Year-end STP File
Remember to do this by the ATO deadline of 14 July 2023.
What if I find a mistake after I’ve submitted the Final STP?
If you find a mistake or need to do another payslip with a payment date 30/6 or before, you will then need to submit an updated Final STP file by following the same process. This will overwrite the original values submitted to the ATO. But be sure to let your employees know in case they’ve already done their tax return based on the original values submitted.
2. Changes to the Superannuation Guarantee Rate
The superannuation guarantee (SG) rate is changing again from 1 July, 2023.
From 1 July, 2023 the new SG rate will be 11% (up from 10.5% this year) — this will affect all payslips with a payment date in FY2024, i.e. on or after 1 July.
How Super Rates are handled in Easy Payslip
Employees with the standard super rate
For employees currently on the standard FY2023 10.5% rate, there is no action required. Payslips with a payment date from 1 July, 2023 will automatically use the new 11% rate, whilst payslips with a payment date before that date will still use the old rate.
Note this screenshot was taken in FY2023, and therefore shows the current super rate as 10.5%
Employees with non-standard super rates
If you have an employee with a non-standard super rate (i.e. not 10.5%) for FY2023, this rate will be copied over into FY2024. If you do need to change it, please do so from the employee record in Easy Payslip.
On the Super tab of the Employee record you can update the super rate independently for each financial year.