Category: *Financial FUNdamentals*

You can only claim deductions for payments you make to your workers (employees or contractors) from 1 July 2019 where you have complied with the pay as you go (PAYG) withholding AND reporting obligations for that payment.
Any payments you make to a worker where you haven’t withheld or reported the PAYG amounts are called non-compliant payments.
If you don’t comply with your PAYG withholding and reporting obligations for a payment, you may:
– lose your deduction for that payment
– face existing penalties that apply for failure to withhold and report amounts under the PAYG withholding system.

Superannuation paid on behalf of ALL employees (including owners/directors) will increase to 10.5% for wages paid (bank transfer) on or after 1st July 2022.
The $450 per month threshold will no longer be applicable.

It’s a bird, its a plane, its a person planning for their future needs!
Are you employing super heroes (who want to put away a bit extra for their retirement)?
Salary sacrificing wages into super can help employees save faster than a speeding locamotive, but as an employer, you need to make sure you have all the right paperwork.
Wearing your undies on the outside of tights is all well and good, leaping tall buildings in a single bound has OH&S issues, being your own retirement hero is a super idea!