Option 2: Complete the Employer STP Finalisation Yourself
Step 1 – Complete the Instructions on the Xero Payroll Checklist
Step 2 – Workers Compensation Annual Declaration of Rateable Remuneration
At the end of each financial year, employers are required to declare their total rateable remuneration to their Workers Compensation insurer and an estimation of the following year’s remuneration. If you employ staff in various states, you may be required to hold a workers compensation policy for each state. Please let us know if you would like assistance with this.
If you are registered for Workers Compensation, your insurer will issue a Tax Invoice shortly after the end of the financial year. This tax invoice will provide details on how to access your online account if you haven’t done so already. By logging onto your online account, you can make the declaration online.
If you only employ staff in Victoria, here is a link to assist you in calculating your remuneration: Remuneration inclusions and exclusions
Or, if you would like further information about Workers Compensation Insurance in Victoria, click on this link: More Information about Victorian Workers Compensation Insurance
Step 3 – Payroll Tax Annual Reconciliation (if applicable)
Payroll tax is a state government imposed tax with varying thresholds and rates for each state. If you employ staff in multiple states and you need advice on your payroll tax status, please contact us. If you only employ staff in Victoria and your total wages plus superannuation exceeds $900,000, then you will be required to register for Payroll Tax.
At the end of each financial year, if you are registered for Payroll Tax, you are required to submit an Annual Reconciliation.
What’s changing in FY2023/24
The Fair Work Commission (the Commission) has announced:
- The National Minimum Wage will be increased to $882.80 per week or $23.23 per hour
- a 5.75% increase to minimum award wages.
The increase applies from the first full pay period starting on or after 1 July 2023.
These changes will apply to pay runs with a payment date of 1 July 2023 onwards.
We know it has been another year of challenges and EOFY can be a particularly hectic time, so if these steps seem too onerous or time consuming please remember we have a team at the ready to process your EOFY Employer Reporting. Just click the button above.
Your Suntax Team