Get your business ready for the end of financial year

30 June blog

The end of the financial year is fast approaching. Here are the key dates you need to know to help meet your super obligations this financial year.

14 June 2024 – Superannuation Guarantee (SG) contributions via an external clearing house due

For SG contributions made via an external clearing house, we recommend making payments by 4pm (AEST) 14 June 2024. Each clearing house will have their own timelines and making contributions by this date will ensure they’re allocated this financial year.

21 June 2024 – SG contributions via the Media Super Employer Portal due

SG contribution payments made via the Media Super Employer Portal must be made by 4pm (AEST) on 21 June 2024 to ensure they’re allocated this financial year.

14 July 2024 – STP finalisation declaration due

Your Single Touch Payroll (STP) finalisation declaration is due on 14 July 2024. This declaration indicates that you’ve fully reported for the financial year for each employee. Once your declaration is done, the ATO will pre-fill your employees income tax return and display the information as ‘tax ready’ in MyGov. For more information, read Finalising your STP data on the ATO website.

Changes to super from 1 July 2024

SG rate will increase to 11.5%

The superannuation guarantee (SG) rate will increase from 11% to 11.5% on 1 July 2024. The SG rate is the minimum amount of super you’re required to pay, by law, on ordinary time earnings.

This increase is in line with the Government’s plan to increase the SG rate to 12% by 2025. For more information, see the ATO's super guarantee percentage table.

Concessional contribution cap will increase to $30,000

The concessional contribution cap will increase from $27,500 to $30,000 on 1 July 2024.

Maximum superannuation contribution base will increase to $65,070

The maximum superannuation contribution base will increase from $62,270 to $65,070 per quarter on 1 July 2024. You do not need to make SG contributions on an employee's earnings above this limit.

Please note, employers may be required to contribute above these limits under any industrial awards or workplace agreements in place.

The Media Super Employer Portal is provided by SuperChoice Services Pty Ltd (ACN 109 509 739) as an authorised representative (336522) of PayClear Services Pty Ltd (ACN 124 852 320 AFSL 314357) for Media Super employers.

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