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.
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.
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 Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system.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
Following the Annual Wage Review 2021, the Fair Work Commission (FWC) has announced a 2.5% increase to the national minimum wage.
The increase applies to anyone who is paid minimum award wages or the national minimum wage.
The award increase will happen in 3 stages.
Most awards will increase from 1 July 2021.
From 1st July all employers will need to report wage details (gross wages, PAYG withholding and super) for ALL employees using Single Touch Payroll (STP) enabled software.
Reporting exemptions for closely held employees (owners and their families) will expire on 30th June 2021.
STP reporting removes the need to create group certificates or payment summaries – data is reported to the ATO throughout the year and employees can view it at anytime in their MyGov account.
If you’ve tipped over the payroll tax threshold this year, you’ll need to register and make payments.
Check the rules in each state you operate in, certain contractor payments may be included in wage calculations.
Be aware of entity grouping.
Superannuation paid on behalf of employees (including owners/directors) will increase to 10% for all wages paid (bank transfer) on or after 1st July 2021.
To qualify for a tax deduction in the 2021 financial year,
or
if you are managing your super cap, super contributions must be received (by fund) by 30th June
The usual deadline of 28th July still applies for June quarter super if you are not chasing the tax deduction or maximising your super cap.
The 2021 bugdet has been handed down – but has not yet been enacted into law.
The government has announced:
The demand-driven program is expected to support more than 170,000 new apprentices and trainees by paying businesses a 50 per cent wage subsidy over 12 months for newly commencing apprentices or trainees signed up by 31 March 2022. The subsidy will be capped at $7,000 per quarter per apprentice or trainee.
Anzac Day is coming up, are you aware of which days are considered public holidays in your state?
According to fairwork –
3 states have declared 2 public holidays,
2 states have moved to Monday and
3 are on the actual day.
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