Your obligations at the end of the financial year - Xero & Tax Accountants Brisbane. Northern Business Consultants

Your obligations at the end of the financial year

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The end of the financial year is fast approaching, as an employer there are a few legal requirements that you must abide by in order to be compliant.

The beginning of a new financial year also brings about changes that come into effect on 1 July, this year we are experiencing significant changes in Superannuation, as well as changes to tax  and penalty rates.

Here are your obligations as an employer at the end of the financial year:

  1. Provide payment summaries to your employees by 14 July.

  1. Send to the ATO a payment summary annual report.

The following video shows how to produce these reports (payment summaries and a payment summary annual report) in Xero, there is also a document to assist in reviewing payroll transactions for end of financial year.

For more information or to see how to produce these reports in Quickbooks see our frequently asked questions.

  1. From July 1 use the new withholding tax rates, these can be viewed on the ATO website.
  2. Penalty rate changes take effect from midnight on 1 July 2017.
  3. Ensure you are aware of how the Super Reforms will impact you as they start on 1 July 2017.

Contact us on (07) 3862 8777 if you have any queries regarding your obligations at the end of the financial year.

Tanya Clonan
Tanya Clonan
Tanya manages the marketing and social media of NBC. She has Bachelor of Business, majoring in Marketing and Management degree at Queensland University of Technology.