With the new financial year having just commenced, businesses should be focusing on their 2020/21 EOFY tax reporting obligations and changes that apply from 1 July 2021 which include:
1. Providing 2021 PAYG Payment Summaries to employees for payments not reported through STP.
2. Single touch reporting for closely held (related) employees applies from 1 July 2021.
3. End-of-year finalisation through single touch payroll.
4. Updating payroll and accounting systems for increase in the superannuation guarantee rate from 9.5% to 10%.
5. Completing the 2021 Taxable Payments Annual Report for certain payments made to contractors.
6. Completing the 2021 payroll tax annual reconciliation.
The 2021 EOFY Tax Reporting Obligations for Businesses
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