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.
Remember how Group Certificates / Payment Summaries have been phased out and Single Touch Payroll (STP) has taken over?
Its now time to reconcile your payroll accounts and finalise income statements for your employees. You have until 31st July 2021.
It’s the last day of the quarter, and the financial year
what do you need to do today?
For cash reporters – payments made today will count as credits on the June BAS, and as deductions this year,
make the payment tomorrow and its a credit on the next BAS and a deduction next financial year.
* conditions apply (its gotta be a business expense!)
The NSW Government today announced a major new grants package to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions.
The package includes grants of between $5000 and $10,000 for small businesses, payroll tax deferrals for all employers.
More information on the small business support grants and changes to the Dine & Discover program will be available shortly on the Service NSW website.
We don’t have enough detail at this stage to act on, but will update you when we do.
Shortly your staff may ask you for a Group Certificate/Payment Summary. Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system. An annual ‘STP Finalisation’ to the ATO by 14th July. Staff will be able to access details in their MyGov account. Personal tax
Following the Annual Wage Review 2021, the Fair Work Commission (FWC) has announced a 2.5% increase to the national minimum wage.
The increase applies to anyone who is paid minimum award wages or the national minimum wage.
The award increase will happen in 3 stages.
Most awards will increase from 1 July 2021.
What a croc!
Did you hear the one about all purchases from Bunnings being tax deductible? Not to mention Officeworks.
Only licenced agents are allowed to give tax advice – assume free advice is a croc of s#@t and designed to sell you something.
Next time you get free tax advice from anyone other than your expert – say what a croc and run away in your safety footwear.
If you are still reporting under the Simplified Tax System, you may be able to prepare your tax return on a cash basis (sales income received and bills paid, not sales issues and bills received). Paying a bill on 30th or 1st July can make a difference to your situation.
If you report on an accrual basis – a bill dated in June but not yet paid will still be considered an expense in the 20/21 year.
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