Changes to Payroll from 1 July 2021

Are you aware of changes that are applicable to payroll from the start of this new financial year? *

Changes to Super Guarantee

Please note that the Super Guarantee rate has changed from 9.5% to 10% from 1 July 2021 for employees. This is in relation to all payments made after 1 July 2021, regardless if the work was completed prior to this date.

Please ensure your STP Accounting Software has been updated and has the correct Super Guarantee rates. If your software has not yet been updated, please contact your software provider immediately.

Closely Held Employees and STP

From 1 July 2021, all Closely Held Employees will need to report the payments they receive through Single Touch Payroll. A Closely Held Employee can be either:

  • Family Members of a Family Business.
  • Directors or Shareholders of a Company.
  • Beneficiaries of a Trust.

Payments can be reported in the following ways:

  • Report actual payments on or before the date of payment.
  • Report actual payments quarterly.
  • Report a reasonable estimate quarterly.

If you do not already have Accounting Software with Single Touch Payroll compatibility, you will need to do so before reporting your first payment.

This information has been provided by Crowley Calvert & Holmes Chartered Accounts.

*This article has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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