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!
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!
From 1st July 2022 Fringe Benefits Tax (FBT) is not payable to the ATO on the private usage of zero or low emissions vehicles.
Ok great, but what does that mean.
Normally any personal usage of a company or work car will be subject to extra (FBT) tax to make sure tax is being paid on all benefits an employee receives that aren’t salary/wages.
As with everything, lots of fine print.
We’ve applied the magnifying glass for you.
Staff super contributions for wages paid between January and March are due soon.
You’ll need to approve xero super for payment by 20th April to make sure it can fly through cyber space and land in your employees accounts on or before 28th April.
Harsh penalties apply to late payments.
Xero is now ready for you to transition to the new more rigorous reporting requirements. This will not change how much or how often you pay your employees – awards etc are not changing.
Check you’ve got all the info you need before you start pressing buttons
Just realised this a big job?
You can request an deferral to buy a little extra time. (or perhaps like us, you can’t cope with a financial year that chops and changes part way through).
Get your payroll expert to review where you are at, if you’re overwhelmed already.
