Streamline Management News
* This is generic info to give you a few pointers and should never be relied on as specific accounting advice.
Contact your expert (not your mates at a BBQ or the guy trying to sell you something) to discuss your situation.
Intern Day
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.
2024 TPAR due soon
If you pay subcontractors, you may need to lodge a Taxable Payments Annual Report (TPAR) by 28th August.
Its a bit like lodging group certificates – no extra payment is required, you just need to report on total payments made during the last financial year.
Be A Good Teammate Day
Small business really is a team sport – you can’t be the manager, pitcher, catcher, batter and cover all the bases at the same time!
Forming a great team of match-fit individuals is necessary. If you’re the batter, recruit the other players. You might think a couple of all rounders will do, but if you don’t know the rules of the game yet – you need seasoned professionals, not more enthusiastic amateurs and playmates.
In any game, you need to play as a team – and that includes you as the business owner. You can’t play a good game on your own.
Pay staff super on time or face personal penalties!
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!
World Listening Day
We’re up for a bit of listening, but you really need to know when to not listen.
Tax advice from a salesperson or at a BBQ or from a bar stool is not advice worth listening to.
Sales people want the sale and will tell you any old rubbish to make it happen.
Your mates might be trying to help, but the advice they receive is about them, not you.
Remember to listen to licenced financial experts on World Listening Day.
Group Certificates lodged yet?
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.
2024 Xero Beautiful Business Fund – you could win!
Xero has announced the return of the Xero Beautiful Business Fund, backing small businesses for the future.
Regional category winners will win $20k AUD
and if you are 1 of the 4 global winners – another $50k AUD!
Good luck! We’ll be cheering you on!
June 2024 BAS
It’s time to start preparing your June BAS
Using our BAS agent extension – the payment due date is 25th August.
Late lodgement will void any payment plan you have in place with the ATO and you also risk being fined.
Happy 27th Birthday to us!
We’re celebrating our 27th birthday!
Happy Birthday to us!
That’s a heck of a long time supporting small businesses. Lets take a stroll down memory lane.
April – June 2024 Super
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.
