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.
National Employment Standards Update – Super
Fair Work has updated the National Employment Standards (NES).
FairWork says: From 1 January 2024, the National Employment Standards (NES) includes a right to superannuation contributions. This means that unpaid or underpaid superannuation can be enforced under the Fair Work Act by more employees (as well as by an employee organisation or us).
Make sure you provide new employees with the current version of the National Employment Standards as part of your onboarding process.
Ask us for help if you have no idea about an employee onboarding process – we can help keep you compliant!
October to December super – authorise now!
If you haven’t already, now is the time to authorise super payments for you employees (this includes you as a director). Funds must reach the employees account by 28th January and it takes a long longer than it ought to be processed, and there is a public holiday this month.
Penalties are harsh for late payment. So sort out your cashflow and pay now!
December 2023 BAS
It’s time to start preparing your December BAS. Lodgement and payment is due by 28th February.
Act now!
Fairwork update – deductions
Fair Work has updated the rules about deductions from employee wages.
New rules apply for employee authorised deductions from pay that are either one-off or recurring and for specific amounts or for amounts that change from time to time.
These are called employee authorised deductions and the employee needs to give their permission in writing. Examples of these deductions include payments to a health fund or union fees.
Need help with payroll? Ask us to give you a hand
January 2024
Still getting the hang of 2024? Same!
January might be holiday time, but there are a few crucial deadlines. The most important is Oct-Dec super needs to be in your employees super funds by 28th January. Another public holiday for Australia Day and then its back to school – woohoo!
December 2023 quarter super is due soon
October-December super contributions, must be received (by fund) by 28th January.
Severe penalties will apply for late payments.
Payments should be authorised by 19th January as it can take several days to process (Don’t forget the Australia Day public holiday may slow down processing times).
Poetry At Work Day
The Hardship of Accounting
by Robert Frost
Never ask of money spent
Where the spender thinks it went.
Nobody was ever meant
To remember or invent
What he did with every cent.
Elvis said it best
Sick of conversations with the ATO about missing deadlines?
What actions do you need to take this year to avoid the tax office jailhouse?
Need help? That’s Alright, You’ll Never Walk Alone, we’ll be your Good Luck Charm!
Get Organised January 2024
January is Get Organised month.
To help you we’ve put together a list of key dates and deadlines.
Add them to your calendar to help with organising your cashflow and work priorities.
We’ll post reminders through out the year to help you stay on track (and the right side of the tax office)
Games Day
Small business ownership is much like snakes and ladders – you take a massive step up and then you slide backwards.
Unlike the game, the more you play in your business – the luckier you get. Gather great people around the board, they can support you as you slither down and hold the ladder as you climb up.
Sing out if you’d like us to blow on the lucky red dice!
