Single Touch Payroll 2.0 is coming in 2022
What does that mean for your business?
The ATO wants you to report wages in a more granular way, gross wages will be broken down into the various components
What do you need to do?
Nothing right now, your accounting software will do most of the work in the background, so Sit Tight Please.
ATO says: If you’re unable to pay on time, you may be able to set up a payment plan to pay by instalments.
You still need to lodge your BAS on time. This will show us you’re aware of your obligations and doing your best to meet them.
September quarter BAS is due right now
If you haven’t already, remember to e-sign your September BAS to avoid any late lodgment fines.
If you are unable to pay in full, contact the ATO on 13 72 26 to arrange a payment plan.
Its time to confirm eligibility to receive your next payment for the fortnight ending 7th November – which will be paid at 15% of wages.
Minimum payment will be $1,125 for the fortnight ($562.50 per week).
You will need to use the same comparison method you used last fortnight.
No not for movie directors, for company directors.
ATO says: The director identification number (director ID) is a unique identifier that a director will apply for once and will keep forever. If you’re a director of a corporate trustee of a self-managed super fund (SMSF) you will need to apply for a director ID.
You will be able to apply for a director ID from November 2021 on the new Australian Business Registry Services (ABRS) online and will log in using the myGovID app.
When you must apply for a director ID, depends on the date you became a director. You will need to apply for your director ID yourself to verify your identity. No one can apply for it on your behalf.
It sure comes around quick, doesn’t it?
Put some money aside – its due on Monday 22nd November.
Don’t get fined for late lodgement!
(you will be able to make a payment arrangement with the ATO after lodgement if you are having cashflow issues)
Have you paid super for your employees for the September quarter?
Make sure you’ve updated super rates to 10% for all employees.
This also the first quarter of new rules for closely held employees (owners and their families), annual wages are no longer acceptable, they need to have wages declared each quarter and super will be payable.
The super needs to be in your employees account by 28th October – tomorrow! If you haven’t already paid you’ll probably miss the deadline. It takes longer than you think for clearing houses to process the payment and distribute to each employee. And you are on the hook for that delay.
Service NSW is telling us you absolutely, totally, really will need to confirm eligibility to receive your next payment for the fortnight ending 24th October – which will be paid at 30% of wages (down from 40%) minimum payment will be $1,125.
To receive your next payment, you’ll need to login and confirm details on or after 25th October.
Make sure you have reconciled ALL of your deposits before you complete testing.
Oh yay! More red tape for small business!
From 1st November 2021, stapled super kicks in.
Super funds will be stapled to employees as they move from job to job, so if they don’t complete a superchoice form, you’ll need to check for fund details with the ATO, rather than just add the new employee to your default fund.
