Staff – Page 12 – Streamline Management

Instant Asset Write Off 2023

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.

27/06/2023

Group certificates and STP finalisation for staff 2023

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.

23/06/2023

XeroMe for data security

We’re seeing reports of scam emails with fake payslips for employees.
The easiest way to prevent employees clicking on hoax emails (and scammers getting access to your system), is not to send payslips by email.
XeroMe is available, for free, for all employees. They can access payslips, submit leave requests and check annual leave balances, and submit timesheets (if you use them).
Ask us to get you and your team setup.

21/06/2023

Super is increasing from 1st July 2023

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.

20/06/2023

Act now for 22/23 super

If you are managing your super cap or maximising tax deductions by paying super a little earlier – you’ll need to authorise the xero payment now. Right now!
If you aren’t chasing extra deductions as you haven’t got much of a profit or the super cap isn’t on your radar – as you were. Make payment by the standard due date 28th July.

14/06/2023

Minimum wage increase after 1st July 2023

From 1 July 2023, the new National Minimum Wage will be $882.80 per week or $23.23 per hour.
The new National Minimum Wage will apply from the first full pay period starting on or after 1 July 2023.
Awards are being updated soon, you may need to update your workplace agreements to ensure they are not below the new minimums.

08/06/2023

2023 EOFY super contributions

To qualify for a tax deduction in the 2023 financial year,
or
if you are managing your annual super cap,
super contributions must be received (by fund) by 30th June.
Payments should be authorised in Xero by 14th June to meet the deadline.
The usual final deadline of 28th July still applies if you choose to not make an early payment.

18/05/2023

Mooted changes to super

You may have seen news stories about ‘improvements’ to super starting in 2026. Its not yet law, so don’t get ahead of yourself.
Assuming the bill passes….
From 2026 you will need to pay super on behalf of your employees each time you pay their wages. Payment frequency will change from quarterly to weekly/fortnightly/monthly (or a combination). Payments will be due much sooner than you have been used to.

04/05/2023

April 2023 IAS

If you report monthly to the ATO, you’ll need to ldoge and pay your April IAS by Monday 22nd May.

02/05/2023

Worthy Wage Day

So you’ve managed to find the right employees, great! Its unlikely that they’ve agreed to work for you for free, so you have to negotiate their wage or salary.
The National Minimum Wage in Australia is currently $21.38 p/h or $812.60 p/w for workers not covered by an award. (You did notice the use of the word minimum.)

If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Or get an actual expert in to do it for you.

01/05/2023

Category: Staff