End of Financial Year (EOFY) 2024 / 2025

As in previous years, your financial year Income Statement will be lodged directly with the Australian Taxation Office (ATO) and can be accessed via your myGov account.

You will need this to lodge your 2023/24 tax return.

If you have already set up your myGov account and linked to the ATO Online Service, then you do not need to do anything further.

If you do not have a myGov account, you will need to set one up and link it to the ATO Online Service to access your Income Statement.

Your myGov account can quickly and easily be set up online

The ATO can help you set up your myGov account. Visit www.ato.gov.au.

Once you have set up a myGov account, it will need to be linked to the ATO Online Service. This will allow you to download your Income Statement. The ATO can help you with instructions on how to do this.

Please note, payroll is unable to provide you with a copy of your income statement as this needs to be obtained through the ATO via myGov.

Visit: https://my.gov.au/en/about/help/mygov-website/link-services-to-your-account/link-the-australian-taxation-office

Once you have the myGov account set up and linked to the ATO online service, you can access the Income Statement by:

1. Logging in to myGov.
2. Selecting Australian Taxation Office.
3. Selecting (from the top of the screen) Employment and then Income Statements.

All Income Statements for 2024 / 2025 financial year will appear as ‘Tax Ready’ by 14 July 2025.

Example:

What’s changing?

On 1 July 2025, the super guarantee rate will rise from 11.5% to 12%.

What does this mean?

From 1 July, you will receive a payment of 12% into your compulsory superannuation instead of 11.5%.

Is there any action I need to take?

There is nothing you need to do. Endeavour Foundation, as your employer, must incorporate the increase to the super rate in its payroll systems – so this is just to let you know.

What is this?

Concessional contributions are contributions that are made into your super fund before tax. They are taxed at a rate of 15% in your super fund.

What’s changing?

For the 2025/2026 Tax Year, the annual concessional contributions cap remains at $30,000.

Your cap may be higher if you did not use the full amount of your cap in earlier years. This is called the carry-forward of unused concessional contributions.

You can check your available concessional contributions cap on ATO online services (accessed via MyGov).

Is there any action I need to take?

If you make additional contributions to your Superannuation, then yes, you need to be aware of your concessional contributions cap. This is because if you go over your cap, you might jump into the next tax bracket.

It is your responsibility to be aware of this and to adjust your concessional contributions, where required.

Award rates of pay will be increased by 3.5%, with the increase applying from the first full pay period on or after 1 July 2025. For those employed under the Endeavour Foundation Enterprise Agreement (EFEA), the minimum rates will increase by a further 0.25% for those who are not paid above award rates. The new rates will be effective for eligible employees from pay period commencing 5 July 2025 and paid on 24 July 2025.

The wage increase will apply to all eligible employees not employed under Individual Employment Contract (IEC). People employed under an IEC will have their wages reviewed as part of our Annual Remuneration Review in October.

Our People & Wellbeing team are now working on applying this new minimum rate to eligible employees.

Please click here for more information about minimum wages.

For more information, you can:

• Refer to the Q&As
• Raise a ticket at the#TeamPossible Support Hub