21/08/2023
It’s time for action!
We have been beavering away on your BAS lodgement, but now we’re waiting on you to respond to our emails so we can lodge by our extended agent deadline of 25th August.
Don’t forget our office will be closed between 22-25th August for Xerocon.
There’s no time for last minute shenanigans!
Lots happening again this month for small businesses.
Need help checking off your to do list? Ask us to give you a hand to keep on top of everything.
Payments (cash basis) made to subcontractors (not employees) for their labour need to reported to the ATO by 28th August if you operate in the construction, IT, cleaning, courier/delivery or security space.
Nothing to pay the ATO on this lodgement – just paperwork! (A bit like group certificates, but for subbies)
Any unpaid April-June super contributions must be received (by fund) by 28th July.
Payments should be authorised right now as it can take several days to process.
Late payments of superannuation require a Super Guarantee Charge (SGC) statement to be submitted to the ATO. The payment will not be tax deductible to your business.
If you are a director of a company, you need to pay the SGC in full by the due date. If you do not, you’ll be liable for a penalty equal to the unpaid amount, so prioritise this over any other payment.
It’s time to start preparing your June BAS
Using our BAS agent extension – the payment due date is 25th August.
Late lodgement will void any payment plan you have in place with the ATO and you also risk being fined.
This brand new piece of legislation has been back dated, you can claim an extra deduction for expenses in the last 15 months and the next 12 months.
This retrospective legislation finishes this week.
However, you can claim expenses you’ve already paid in running your business.
What does the ATO mean by ‘technology’? its pretty broad.
From 1 July 2023, the new National Minimum Wage will be $882.80 per week or $23.23 per hour.
The new National Minimum Wage will apply from the first full pay period starting on or after 1 July 2023.
Awards are being updated soon, you may need to update your workplace agreements to ensure they are not below the new minimums.
Put some money aside and keep an eye out for the IAS for you to e-sign – its due on Wednesday 21st June.
Don’t get fined for late lodgement!
