As an employer, what do you need to do?
Lots! We’ve created a checklist with links to give you a headstart.
Before making your first hire you need to do a bunch of stuff.
Now that you’ve done the ground work, time to search for the perfect employee. If you’ve found an adequate one, you need to start the onboarding / hiring process.
In January 2021 the government introduced a new option for struggling small businesses.
This is only for incorporated businesses (companies and trusts, not sole traders or partnerships) that have a viable future.
Its quicker, cheaper and easier than traditional options like liquidation or administration.
Fair Work has updated the rules about unpaid parental leave.
From 1 July 2023, the Fair Work Act includes greater flexibility for employees taking unpaid parental leave. This change is to align with updates made to the Paid Parental Leave scheme from 1 July.
Need help with payroll? Ask us to give you a hand
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.
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.
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.
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
Don’t go making crazy purchases without reviewing where you are at, and speaking to your tax accountant. EOFY deals are great for salespeople trying to meet their commission targets, they might not really benefit you and your business.
Review your position
You can’t make sensible last minute decisions without data.
Take a look at your bottom line – before hitting the shops.
The end of the financial year is nigh, now is the time to prepare yourself. Make sure you take advice from licenced professionals.
Have you had a dental checkup recently? Small business owners may find themselves grinding their teeth!
This won’t hurt a bit!
Last night the federal budget was announced.
It still needs to be legislated before any proclamation becomes law. While you wait, speak to your licenced expert about your small business and start planning how you can take advantage of initiatives that may benefit you.
Possible benefits for small businesses….
Hear ye! Hear ye!
The budget is a very fancy announcement, you’ll need to wait for legislation to be passed before you go and do anything crazy.
While you wait, speak to your licenced expert and get planning!
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