Preparing for Australian EOFY with Sybiz

As we head into the busy end of financial year period, it can be hard to keep up with the many changes and requirements. For this reason, Sybiz will host our annual Australian EOFY webinar in June. This free webinar will cover important updates related to your Sybiz ERP and payroll solutions, and customers will have the opportunity to ask questions during the live session. Registrations are open now.

Here are some of the topics that will be covered in more detail during the webinar:
 
Sybiz Vision Consolidated General Ledger reporting
Introduced in Sybiz Vision 24.10 and covered in a Sybiz Masterclass Webinar, this powerful new tool enables consolidated general ledger reporting for related companies.

The Ledger Reconciliation Report
An introduction or refresher to this powerful ‘life of database’ report.

Sybiz Vision Admin Dashboards
A quick look at a couple of powerful dashboards that are good to review periodically.

GST Free v Not Reportable
Increase reporting accuracy by excluding relevant transactions from GST reporting.

Superannuation Guarantee rate increase
The Superannuation Guarantee (SG) Rate is legislated to increase incrementally by 0.5% each year until 12% is reached in 2025. On 1 July 2024, it is set to increase another half percent, to 11.5% as planned.

Instructions on how SG rates can be updated in Sybiz Visipay are available and will be covered in the webinar. Alternatively, please contact your Sybiz Authorised Business Partner for further assistance.
 
Tax scale and STSL updates
Individual tax rates are changing for the 2024/25 financial year, and STSL will be subject to its annual update and pushed out via the tax scale update process for Sybiz Visipay prior to 1 July 2024.
 
STP reporting date - 14 July
STP reporting must be finalised and submitted by Friday 14 July for the 2023/24 financial year. This will allow employees to access their income statements via MyGov for tax returns.
 
SybizSuper EOFY contribution cut off - 19 June
For SybizSuper customers, it is necessary to ensure you allow sufficient time for super contributions to clear through SuperChoice to reach destination accounts prior to the end of the financial year. The cut-off date for SybizSuper contributions through SuperChoice this EOFY is 4pm AEST on 19 June 2024.
 
SG & BAS Quarter 4 cut off - 28 July
Super Guarantee (SG) payments must be made by 28 July 2024 at the latest. If minimum super contributions are not made by this date or cleared in time by your clearing house, employers must lodge a Superannuation Guarantee Charge (SGC) statement by 28 August 2024. Be sure to check your clearing house cut off dates in advance and allowing additional time for payments to clear.

If you are lodging quarterly, your Business Activity Statements (BAS) for quarter 4 must be lodged by 28 July 2024.