Payroll for 2025FY
The tax rate cuts for the 2025 financial year will mean an increase in net payments to your employees. Last financial year, you would have withheld more tax compared to 2025FY to be remitted to the ATO when your BAS is due.
So, please ensure you have enough funds to pay employees’ net wages when processing your pay runs.
If you have set up recurring payments with your bank, ensure you update the recurring payments to reflect the new changes.
And last but not least, from 1 July 2024, the super guarantee has increased from 11% to 11.5%.
Your accounting software used for payroll should factor in tax and super changes. However, you will need to update your budget and cash flow to ensure you have enough funds at the right time to meet payroll obligations.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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