Do you provide perks to your team?
You probably need to submit an FBT return in the next couple of weeks.
No idea what could be captured? Speak to your tax accountant ASAP – gym membership, tickets to the footy, fancy meals, company car used for personal trips can all be captured.
Avoid fines and penalties – review your situation, ask your accountant – act now!
Please don’t come in to work if you are unwell!
When can you use sick leave?
Sick leave is for when staff can’t work because of a personal illness or injury. Carers leave is for employees who need to look after an immediate family member or household member who is sick/ injured/affected by an unexpected emergency.
Load up on chicken soup, and we’ll see you again when you are well.
It’s a tight labour market, so finding the right team is difficult, once you’ve found someone you’ll have to negotiate their wage or salary cos its unlikely they’ve agreed to work for you for free.
From 1 January 2025, intentional underpayment of wages or entitlements can be a criminal offence.
If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Get an expert to help you, winging it isn’t an option.
It’s a bird, its a plane, its a person planning for their future needs!
Are you employing super heroes (who want to put away a bit extra for their retirement)?
Salary sacrificing wages into super can help employees save faster than a speeding locamotive, but as an employer, you need to make sure you have all the right paperwork.
Wearing your undies on the outside of tights is all well and good, leaping tall buildings in a single bound has OH&S issues, being your own retirement hero is a super idea!
Know the rules when it comes to paying staff for public holidays?
Fairwork says:
‘Employees should be given the choice to work on a public holiday or not.
Employers can request employees to work on a public holiday, but the request has to be reasonable.
Employees (except casual employees) who normally work on the day a public holiday falls will be paid their base pay rate for the ordinary hours they would have worked if they had not been away because of the public holiday.
An employee doesn’t get paid for a public holiday if they don’t normally work on the day that the public holiday falls. Some part-time employees will be entitled to payment, other may not be. Part time staff do not need to work ‘make up’ days.
Working on public holidays – Awards, enterprise agreements and other registered agreements can provide entitlements for working public holidays’
January-March super contributions must be received (by fund) by 28th April.
Payments should be authorised right now as it can take several days to process, not to mention all the public holidays that will slow down the process this month.
Late payments of superannuation are not tax deductible.
Working from home in some way, shape or form is normal/expected/happening, and this carries risks for employers.
What are you responsible for? How do you protect your team?
Your responsibilities to protect your team still apply, even if you can’t see them.
See what Safe Work Australia says you need to be aware of.
Put your undies on over your clothes and get super sorted for your team!
There are a heck of a lot of public holidays this month and that will make it harder to meet the deadline for payment – authorise super for your team now or you could be personally liable for the debt and penalties (and lose the tax deduction for the payment).
Don’t forget that some contractors and employee directors will be entitled to superannuation and the same deadlines apply.
Are you aware what might trigger this extra tax for your business and just how costly it could be?
ATO says:
Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates.
The employer pays FBT. This is equivalent to the gross income your employees would have to earn, at the highest marginal tax rate (including the Medicare levy), to buy the benefits themselves.
FBT can be quite costly, those employee perks might cost you a lot more than you anticipated or budgeted for!
Its heartwarming to be appreciated – but rewarding your team could cost you so much more than you anticipate!
Before purchasing gifts to show appreciation – check the Fringe Benefits Tax implications of your intentions.
