Super should be authorised in Xero by Monday 17th June if you are chasing 2024 tax deductions (to soak up a profit) or if you are managing your annual super cap.
Super contributions must be received (by fund) by 30th June to qualify in this year and you need to allow plenty of time for payments to fly through cyber space.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
The Fair Work Commission has decided to increase minimum wages by 3.75%, to $915.90 per week or $24.10 per hour, for the first full pay period after 1st July 2024.
Updated awards will not be published until 1st July – so add an item to your TO DO list for later.
Last chance to take advantage of this bonus tax deduction.
Have you paid for training?
Are you considering booking training for your team?
Fit and healthy employees are more productive.
How do you help your staff with their well being?
There are heaps of options to look after physical and mental wellbeing. We’ve rounded up a few resources for you and your team (don’t forget you are part of the team if you are employed by your company – different rules for sole traders).
Why not combine physical and mental wellbeing by join a workplace challenge to support a charity?
Is there one little thing you can do this month to improve the health and fitness of your employees (including you)?
Calling in sick is a good idea if you are contagious – the rest of the team won’t thank you for soldiering on and infecting them.
When can you take sick leave? Are there special rules? Yes!
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.
Anzac Day is on a Thursday this year, if you close your workplace, you need to pay your full time and part time staff for their normal Thursday work hours.
Staff may also request Friday as annual leave to take a long weekend – make sure you process leave requests to keep their balances up to date and report STP data to the ATO correctly.
Are members of your team kicking the day off early to sneak out a bit earlier during the holidays?
Employers need to be aware what ordinary spread of hours of work are for their industry, and when extra loadings might be payable.
Check your award for fine print before your flexible work arrangements cost you more than you bargained for!
March super contributions, must be received (by fund) by 28th April for employees (including working directors) and some sole trader contractors.
Severe penalties will apply for late payments
We’ll be closing the office for the long weekend, if you are closing too – be aware of the payroll implications.
The Fringe Benefits Tax year ends on 31st March, are you aware what might trigger this extra tax for your business?
A fringe benefit is like a payment to an employee, but in a different form to salary or wages.
Your tax agent can assist with calculations, lodgement, and what exemptions might apply. They may also assist you to make smarter decisions to avoid future lodgements and liabilities.
