If you need to provide payment summaries to people other than employees, such as suppliers where no ABN was quoted, you need to lodge the form with the ATO by the 31st October. By now you will have checked the accuracy of the year’s payroll figures and finalised Single Touch Payroll income statements for your employees. You […]
The post-Covid, globalised economy has created a number of challenges for the average business. Depending on your business purpose and strategy, you may need to either upsize, or downsize, to secure the long-term future of your company. But what are the implications of scaling up, or scaling down, your operations? And how do you refine […]
Superannuation fund now provide information to the ATO when they receive superannuation guarantee (SG) contributions for employees. The ATO uses this information, as well as Single Touch Payroll (STP) reporting, to identify employers who have paid some or all of their super contributions late or haven’t paid the right amount by the due dates, for […]
Navigating Payroll? We can help keep you up to date on changes this year, including new rules for casuals. Minimum Wage Increase – 1 July 2021 The national minimum wage increases on 1 July by 2.5% to $20.33 per hour (or $772.60 per week). The minimum wage increase applies to employees if an award or […]
It’s nearly time to make a finalisation declaration for Single Touch Payroll. There is no need to issue payment summaries to employees you have reported through STP. Employers must complete the finalisation declaration by 14 July. The extended due date that small employers had last year no longer applies.Employers with a mixture of employees and […]
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30 June 2023 – eligible businesses can claim an immediate deduction for the total cost of depreciating assets. Temporary loss carry-back […]
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will […]
Our hearts go out to all those affected by TC Seroja, with a huge personal and financial cost, here are five avenues to help with the financial impact: -The Australian Government Disaster Recovery Relief (AGDRP) payment of $1000 per adult and $400 per child has been made available to people in Carnamah, Chapman Valley, Greater […]
The Federal Government Boosting Female Founders Initiative will run over five years from 2020-21 to 2024-25. The program is part of the 2018 and 2020 Women’s Economic Security Statements, which help to support more Australian women into work and Australia’s international obligations under the Convention on the Elimination of all forms of Discrimination against Women. […]