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New Financial Year (2024/2025) update

Operational/New Financial Year (2024/2025) update
Published 17 Jun 2024

Accessing your 2023-2024 Income Statement

(formerly known as a ‘Payment Summary or Group Certificate’)

Just like last year, 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 have not yet set up your myGov account, these instructions might assist you:

  • 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 2023-24 financial year will appear as ‘Tax Ready’ by 14 July 2024.

Example:

Please contact the People & Wellbeing team on (07) 3900 5460 (press 1 for payroll) or lodge a payroll enquiry through #TeamPossible Support Hub, if you have any questions.

2024/2025 Financial Year updates

Superannuation (Super Guarantee)

What’s changing?

On 1 July 2024, the super guarantee rate will rise from 11% to 11.5%. The super rate is scheduled to progressively increase to 12% by July 2025.

What does this mean?

From 1 July, you will receive a payment of 11.5% into your compulsory superannuation instead of 11%.

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.

Concessional contributions

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?

From 1 July 2024, the annual concessional contributions cap will be $30,000 (changed from $27,500 previous year).

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.

Fair Work – increase to minimum wage (Award increase)

Award rates of pay will be increased by 3.75%, with the increase applying from the first full pay period on or after 1 July 2024. The new rates will be processed on the following dates aligned to the pay periods:

  • Employees we support in QLD the new rates will be effective 13 July 2024 and paid on 1 August 2024
  • All other employees (Including employees we support in NSW & VIC) the new rates will be effective 6 July 2024 and paid on 25 July 2024

Award and Agreement employees will receive direct communication in early July. Please check your payslips after these dates to see if your pay rate has changed.

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.

For FAQs and more information, visit the intranet page.

If you have any questions, please raise a ticket at the #TeamPossible Support Hub.

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