Fair Work is updating the definition of a casual employee (not to casual Friday clothing or just being too relaxed at work!), this will take effect from Monday 26th August 2024. Casual Employment Information Statement and casual conversion rules will also be updated.
Need help with payroll? Ask us to give you a hand
Owning a small business can be pretty dangerous – submerged rocks, springing a leak, swells, sharks circling, sea legs and scurvy!
At Streamline Management, we shine a light to alert you to the many risks of running a small business.
Wouldn’t it be wonderful to get some free labour from someone who needs experience in your industry?
But before you bring someone into your business make sure you are on the right side of fairwork!
Fairwork says:
Some unpaid work arrangements are lawful and others are not. Depending on the nature of the arrangement, the person doing the work may be an employee and be entitled to be paid the legal minimum rate of pay for the type of work they’re doing, along with other minimum employment entitlements.
Get someone to grab you a coffee and read through the fine print.
If your company doesn’t pay super on time for employees (and some subcontractors), directors become personally liable to make the payment.
ATO says: Company directors are responsible for ensuring their company’s tax and super obligations are reported and paid on time.
If your company has an overdue debt, and doesn’t pay the amount owing or make other arrangements, we (ATO) may issue a director penalty notice (DPN).
April – June super must reach the fund of your team on or before 28th July – it takes longer than you think to arrive, so authorise the payment now!
Group certificates, or STP finalisation – to use the new lingo, must be completed TODAY!
Reconcile payroll accounts (check for payroll tax thresholds while you are there) and submit declarations to the tax office.
If you didn’t pay all of your April – June super early, you’ll need to make sure it reaches employees funds on or before 28th July.
We’re preparing the super for our clients to authorise this week so they don’t get hit with penalties and fines.
The cost of late super is huge – don’t get caught out.
Superannuation paid on behalf of ALL employees (and some contractors) will increase to 11.5% for payments (bank transfer) on or after 1st July 2024 (regardless of period worked – don’t split super rates for June and July hours worked).
You may wish to review employment contracts.
Contracts with wages including super mean pay goes down as super goes up. And that could make you an unpopular boss in this climate!
You will need to file an annual ‘STP Finalisation’ to the ATO by 14th July. (This replaces providing Payment Summaries/Group Certificates to your staff). Staff will not be receiving any documentation from you.
If any adjustments to payroll are needed jump onto it ASAP, then reconcile payroll accounts and only then submit the finalisation to the ATO.
Hey monthly lodgers, if you haven’t already, remember to e-sign your May IAS to avoid any late lodgment fines. Best to make the payment too!
The media has hardly mentioned it at all, so you may have missed it – New tax tables are effective from the first pay date from 1st July.
Xero will automagically update tax tables, you might have problems if you are still using old desktop software, maybe its time to catapult your business into the cloud?
