FAQ – Page 3 – Streamline Management

Instant Asset Write Off 2023

The Instant Asset Write-Off will replace Temporary Full Expensing on 1st July 2023.
ATO says: Small businesses will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
Ask your tax agent to explain how to apply the rules to your situation, they are the only people who can legally advise you about tax deductions. And speak to them before you commit yourself and your business to large expenses.

June 27, 2023

Group certificates and STP finalisation for staff 2023

Its June, so no doubt your staff are asking you about their group certificates (now called STP finalisation).
No so fast! Calm your farm!
Reconciliations need to be completed to make sure all payroll info is correct before submitting anything to the ATO.
You do not provide any documents to staff, everything is online.

June 23, 2023

Super is increasing from 1st July 2023

Superannuation paid on behalf of all employees will increase to 11% for wage payments made (bank transfer) on or after 1st July 2023 (regardless of work period).
Some contractors may be considered employees for super purposes and be entitled to super at the new rate.
Got questions? Contact us.

June 20, 2023

Minimum wage increase after 1st July 2023

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.

June 8, 2023

ATO Lodgment Penalty Amnesty Program

Behind with ATO lodgements? You’re being given a Get Out of Jail Free card.

Small Businesses can lodge late BASs and tax returns without being hit by late lodgement fines.

June 1, 2023

10 big risks for your small business

What fraud risks should you be worried in your small business?
It’s not just people on the outside trying to get it, the people inside your team can be a big risk too.
Do your internal controls need reviewing?
See our hazard checklist here

May 30, 2023

Mooted changes to super

You may have seen news stories about ‘improvements’ to super starting in 2026. Its not yet law, so don’t get ahead of yourself.
Assuming the bill passes….
From 2026 you will need to pay super on behalf of your employees each time you pay their wages. Payment frequency will change from quarterly to weekly/fortnightly/monthly (or a combination). Payments will be due much sooner than you have been used to.

May 4, 2023

Worthy Wage Day

So you’ve managed to find the right employees, great! Its unlikely that they’ve agreed to work for you for free, so you have to negotiate their wage or salary.
The National Minimum Wage in Australia is currently $21.38 p/h or $812.60 p/w for workers not covered by an award. (You did notice the use of the word minimum.)

If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Or get an actual expert in to do it for you.

May 1, 2023

Super Hero Day – Late super payments

Are you using your super powers to make the world a better place for your team in their retirement?

January – March super contributions need to be in your employees superannuation fund accounts today, what happens if that deadline hasn’t been met?
Penalties. Harsh Penalties. Business Kryptonite.
Be a super hero for your employees and make sure superannuation payments are made on time!

April 28, 2023

Employee Leave

Its back to school and back to work time!
Have your staff taken annual leave lately? Are your leave records up to date?
STP2 means you need to report leave payments separately from normal wages to the ATO too.
Need help? Ask a BAS agent (like us!) to help you manage your employee and payroll records.

April 26, 2023

Category: FAQ