Employment Hero (KeyPay) have collated support resources in an EOFY Hub to assist you through this period which includes an End of Financial Year Single Touch Payroll (STP) Finalisation Video. This video goes for approximately 28 minutes.
EOFY System Updates
Users can now create pay runs for the 23/24 financial year. The notable changes effective for pay runs with a date paid on or after 1 July 2023 include:
- The legislated superannuation guarantee (SG) rate will increase from 10.5% to 11%, which will automatically apply to eligible businesses. Refer to this article for the system settings to ensure automatic updates will apply.
- The maximum superannuation contribution base (MCB) will increase to $62,270 per quarter from $60,220. From 1 July 2023, the new MCB amount will be displayed in the employee pay run defaults screen. Prior to that date, the system will continue to show the MCB rate applicable for the 2022-2023 financial year.
- The employee termination payment (ETP) cap will increase to $235,000 from $230,000.
- The genuine redundancy cap will increase to $11,985 (base limit) and then $5,994 for each completed year of service.
- The exemption for WPN holders reporting via STP will be extended to the 2023/24 financial year. We will provide further information once the extension has been announced. The ATO is aiming to update the exemptions for certain employers information by mid-June.
- The new National Minimum Wage will be $882.80 per week or $23.23 per hour. The minimum award wages will increase by 5.75%. These increases will apply from the first full period starting on or after 1 July 2023. This means if the weekly pay period starts on Monday, the rates will apply from Monday, 3 July 2023. Award updates will be updated accordingly and communicated via the payroll dashboard.