Following the Annual Wage Review 2021, the Fair Work Commission (FWC) has announced a 2.5% increase to the national minimum wage.
The increase applies to anyone who is paid minimum award wages or the national minimum wage.
The award increase will happen in 3 stages.
Most awards will increase from 1 July 2021.
From 1st July all employers will need to report wage details (gross wages, PAYG withholding and super) for ALL employees using Single Touch Payroll (STP) enabled software.
Reporting exemptions for closely held employees (owners and their families) will expire on 30th June 2021.
STP reporting removes the need to create group certificates or payment summaries – data is reported to the ATO throughout the year and employees can view it at anytime in their MyGov account.
Superannuation paid on behalf of employees (including owners/directors) will increase to 10% for all wages paid (bank transfer) on or after 1st July 2021.
Today is the last possible day for on time lodgement of your March BAS using the agent extension. Any March BAS lodged after today risks a late lodgement fine.
If your March BAS is ready – Lodge!
If you cannot pay in full – arrange a payment plan with the ATO.
Even if you can’t pay the BAS, it is important to lodge on time – late lodgement could result in fines. And those fines escalate for habitual offenders.
Payment plans can be created using an automated phone service – you don’t have to explain yourself to a human.
Lodge now!
What time is it?
It’s 5 minutes to midnight!
If your agent lodges on your behalf – the March quarter BAS is due 26th May – will you be ready?
If you still need to send missing source documents or respond to questions – act now!
Time to lodge and pay your April IAS – today is the last minute.
If you cannot make the payment in full – contact the ATO to arrange a payment plan.
To qualify for a tax deduction in the 2021 financial year,
or
if you are managing your super cap, super contributions must be received (by fund) by 30th June
The usual deadline of 28th July still applies for June quarter super if you are not chasing the tax deduction or maximising your super cap.
Anzac Day is coming up, are you aware of which days are considered public holidays in your state?
According to fairwork –
3 states have declared 2 public holidays,
2 states have moved to Monday and
3 are on the actual day.
Did you know the March BAS has 3 different due dates depending on the lodgement method?
Regardless of method – ontime lodgement is important – the ATO can fine you.
Not enough ready cash? Lodge anyway to avoid fines and make a payment plan.
