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.
July 2024
July is a super busy month!
Sounds exhausting! Lets get moving, one step at a time
Super is increasing from 1st July 2024
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!
2024 EOFY payroll
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.
May 2024 IAS due – now
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!
Stage 3 Tax Table Updates
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?
End Of Financial Year timeline
What does the EOFY timeline look like?
You need to get your accounts up to date now and chat to your accountant about tax planning
Keep calm, its only End Of Financial Year!
2024 EOFY super contributions
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.
Xero pricing changes 2024
Xero is undertaking a major revamp of their subscriptions from 1st July 2024.
Speaking of pricing reviews, when was the last time you reviewed and updated your prices?
An annual evaluation is a great way to examine your costs and take a cheeky look at what your competitors are doing.
2024 minimum wages
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.
