Small businesses (less than 15 employees) have been given a 6 month extension to 1st August 2023.
Medium and large businesses (15 or more employees) make the change from unpaid to paid leave on 1st February 2023.
Don’t have time for long drawn out explanations? Here is the skinny:
Are you planning to host Christmas celebrations for your staff and/or business associates?
Watch out for the Fringe Benefits Tax (FBT) grinch ruining the fun for everyone!
The following information is courtesy of the Australian Bookkeepers Network.
Not sure what it’s all about? Ask your expert to explain the fine print
Are you planning to play Santa with gifts for your staff and/or business associates?
Watch out for the Fringe Benefits Tax (FBT) grinch ruining the fun for everyone!
The following information is courtesy of the Australian Bookkeepers Network.
Not sure what it’s all about? Ask your expert to explain the fine print
Are you thinking about hiring an apprentice?
Are you across the federal and state government incentives available?
You need a director identification number (director ID) if you’re a director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation.
You must apply for your own director ID to verify your identity. No one can apply on your behalf.
What do you need to do?
Nothing right now, your accounting software will do most of the work in the background – Xero is still building the features and has an extension to March 2023, so there is plenty of time to transition. We will complete the transition for our clients in the next few months (once all the kinks have been ironed out).
We’ll be in contact when we are ready to start the rollout, until then STP means Sit Tight Please.
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.
Be careful what you wish for!
Do you really know what you are getting yourself in for
It’s not for everyone!
Annual ‘STP Finalisation’ to the ATO by 14th July.
(This replaces providing Payment Summaries/Group Certificates to your staff
and submitting the Payment Summary Annual Report (PSAR) to the ATO.)
Staff will not be receiving any documentation, they will be able to access details in their MyGov account.
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.
