New Financial Year Tasks and Essential Information 2025

New Financial Year Tasks and Information

At the start of the new financial year, it's time to implement the annual minimum wage increases, reconcile payroll, and finalise Single Touch Payroll for the end of the financial year. Here are the essential tasks and information you need to know...

Superannuation Guarantee Increase & Tax Tables Update

We apply the 12% superannuation guarantee increase to your platform* - effective 1 July 2025. We also update the tax tables to align with the latest updates, effective 1 July 2025.

* As of 1 July 2025, any platform that had 11.5% as the Super Guarantee percentage will be automatically increased to 12%. The updated superannuation percentage will apply to all draft payslips (including adjustment payslips) that are generated with a payment date that's on or after 1 July 2025. However, please note the following as they may (or may not) apply to your business:

No changes will be made to employees that has 0 super guarantee % in their profile. It will remain as 0%.
If the Default Super Rate (%) for the platform is above the minimum superannuation contribution. This setting can be found by navigating to Payroll Settings --> Superannuation. E.g if 12% was entered as the platform's default super rate, it will remain as 12%.
No changes will be made to employees who has a minimum superannuation guarantee applied to their profile. Example of when this function is used: to manage superannuation payments for high income earners to ensure they don't exceed the concessional contributions cap which will increase to $30,000 in financial year ending 2026.
The minimum superannuation guarantee per payslip amount will need to be manually updated by an admin user.
Super contribution caps have been updated according to ATO guidelines.

End-Of-Year Finalisation through STP

Single Touch Payroll (STP) finalisation for the end of the financial year is due by 14 July 2025.

As part of your STP finalisation process, we highly recommend reconciling your payroll and STP data first. This will help ensure that the data you send to the ATO matches your payroll data. After reconciling you're ready to finalise STP.

You can also import employee fringe benefits at the end of each year (if this applies to your business) as part of the STP finalisation process.

Employee Income Statements

Once you've reported and finalised your employees' data through STP, you won't need to provide income statements (payment summaries) or make any payment summary annual report lodgments to the ATO. Instead, income statements will automatically appear as 'Tax ready' in your employees' myGov accounts.

In addition, your employees get access to an efficient and discounted tax return service through our partnership with One Click Life. This service is conveniently accessible via a link in the employee's Payslips page in their Employee App.

To remind your employees about accessing their income statement and to inform them about the tax return service offer, you may consider publishing an announcement in the Employee App or sending a bulk email. If you would like assistance with this, we've prepared content you may like to use here. Alternatively, we're also able to publish an announcement in your employee's app on your behalf if you prefer. Just let us know, and we'll be happy to assist you.

Apply the Award Wage Increases

The Fair Work Commission announced this years National Minimum Wage will increase by 3.5% effective 1 July 2025. The Pay Guides have now been released for your reference when applying the increases in your platform. This needs to applied before or during your first full pay period in the new financial year. Here's how you can apply them in your platform:

1. DIY
foundU's Rate Rise Tool is the key to applying the increases! It helps you easily manage wage increases in bulk for your employees.

2. Book Assistance (1 hr session | $350 + GST)
Get an assisted rate rise session to help you apply your wage increases correctly. Book Session

Please note: The earliest you can schedule your rate increase is for next day after you complete the rate rise as the process runs overnight. For example, if you are completing the rate rise steps today, the earliest you can select for it to run the update is tomorrow.

Review Payroll Tax & WorkCover

When preparing for the New Financial Year it is recommended to review and update your Payroll Tax rates (including retrospective data) by updating the relevant state payroll rates and/or thresholds if required. This is effective from 1 July 2025.

You will also need to review and update your WorkCover (WIC) rates where applicable.