Employee Appreciation Day
The #StreamTeam might be small, but it sure is mighty!
The contribution of each person makes is appreciated.
How do you show your employees that you appreciate them?
04/03/2022
The #StreamTeam might be small, but it sure is mighty!
The contribution of each person makes is appreciated.
How do you show your employees that you appreciate them?
It’s only February, but it feels like ages since the Christmas break when we last recharged our batteries 🔋
Aussies are entitled to 4 weeks annual leave each year – we must remember to take it!
And we need to encourage our staff to take theirs too.
Not convinced? Leave entitlements are expensive to payout if you let it build up too much
As we ready ourselves for Back to School (yay!),
now is a good time to check you’ve recorded leave taken for all of your employees over the summer holidays
Up to date leave records are important for you and your team
– they will want to know how much leave they have available to plan for the next holiday,
and you need to know what potential liabilities you have
Don’t let an unexpected tax bill spoil Christmas.
ATO says: Fringe benefits tax (FBT) is paid by employers on certain benefits they provide to their employees
Entertainment is the most common type of FBT we see.
What is considered entertainment? It includes events and/or gifts
Single Touch Payroll 2.0 is coming in 2022
What does that mean for your business?
The ATO wants you to report wages in a more granular way, gross wages will be broken down into the various components
What do you need to do?
Nothing right now, your accounting software will do most of the work in the background, so Sit Tight Please.
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Have you paid super for your employees for the September quarter?
Make sure you’ve updated super rates to 10% for all employees.
This also the first quarter of new rules for closely held employees (owners and their families), annual wages are no longer acceptable, they need to have wages declared each quarter and super will be payable.
The super needs to be in your employees account by 28th October – tomorrow! If you haven’t already paid you’ll probably miss the deadline. It takes longer than you think for clearing houses to process the payment and distribute to each employee. And you are on the hook for that delay.
Oh yay! More red tape for small business!
From 1st November 2021, stapled super kicks in.
Super funds will be stapled to employees as they move from job to job, so if they don’t complete a superchoice form, you’ll need to check for fund details with the ATO, rather than just add the new employee to your default fund.
Super is due now for staff (including owners and their families)
July-Sept super contributions must be received (by fund) by 28th October.
Don’t forget to check that all super has been accrued at 10%.
Authorise payments right now as it can take several days to process.
Here in NSW we will have more freedoms next week, so what do you need to organise this week?
If you’ve had to stand down staff – do you need to make sure they are ready to return to work?
Are staff still home schooling their kids and can’t return just yet?
Have you got everything organised for next week?
