Small Business – Page 28 – Streamline Management

Fashion Day in your family business

Do several members of your family have the same taste in work clothes because you work together in a family business?

From 1st July 2021 the exemption for businesses to regularly report wages for closely held employees (owners/directors/shareholders & their family members) is being removed.
Single Touch Payroll (STP) reporting for closely held employees must be at least quarterly, declaring a wage as at 30th June each year will no longer be acceptable.

July 9, 2021

Tell The Truth

We all tell small white lies, however it is really important to be honest with your advisors so they can do the best possible job for you and your business.
There is no need to be embarrassed, we’ve seen it all before and we know how to keep secrets – its our job!
Remember to tell us the truth, today and every day – don’t be a Pinocchio lookalike!

July 7, 2021

Streamline Management Super increases to 10% of wages

Employee Super has increased to 10%

Don’t forget superannuation paid on behalf of all employees (including owners/directors) has increased to 10% for wages paid (bank transfer) on or after 1st July 2021 (based on payment date not period worked).
Annual concessional super contribution caps have increased to $27,500 for the 2021/22 financial year.

July 6, 2021

It's time to prepare your BAS for lodgement

June 2021 BAS due soon

It’s time to start preparing your June BAS

Time to tuck some funds aside and make sure everything is uploaded to Receipt Bank so we can get to work.
Using our BAS agent extension – the due date is 25th August.

July 5, 2021

I Forgot Day

I forgot is not something you want to be saying often about compliance deadlines!

July 2, 2021

2021 STP finalisation – Deadline extended

Remember how Group Certificates / Payment Summaries have been phased out and Single Touch Payroll (STP) has taken over?
Its now time to reconcile your payroll accounts and finalise income statements for your employees. You have until 31st July 2021.

July 2, 2021

June 2021 quarter super is due soon

Have we mentioned super lately??
Any remaining unpaid April-June super contributions must be received (by fund) by 28th July. If you paid everything early, scroll on!
Penalties will apply for late payments.

July 1, 2021

Streamline Management wrap up the quarter, wrap up the year

30th June 2021

It’s the last day of the quarter, and the financial year
what do you need to do today?

For cash reporters – payments made today will count as credits on the June BAS, and as deductions this year,
make the payment tomorrow and its a credit on the next BAS and a deduction next financial year.
* conditions apply (its gotta be a business expense!)

June 30, 2021

Streamline NSW government COVID19 grants

COVID-19 support package for businesses across NSW

The NSW Government today announced a major new grants package to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions.
The package includes grants of between $5000 and $10,000 for small businesses, payroll tax deferrals for all employers.
More information on the small business support grants and changes to the Dine & Discover program will be available shortly on the Service NSW website.
We don’t have enough detail at this stage to act on, but will update you when we do.

June 29, 2021

Group certificates for staff

Shortly your staff may ask you for a Group Certificate/Payment Summary. Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system. An annual ‘STP Finalisation’ to the ATO by 14th July. Staff will be able to access details in their MyGov account. Personal tax

June 28, 2021

Category: Small Business