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.
2023 EOFY super contributions
To qualify for a tax deduction in the 2023 financial year,
or
if you are managing your annual super cap,
super contributions must be received (by fund) by 30th June.
Payments should be authorised in Xero by 14th June to meet the deadline.
The usual final deadline of 28th July still applies if you choose to not make an early payment.
Temporary Full Expensing ending soon
Don’t get caught up in the hype. Making big purchases for tax benefits may not benefit your business. There, we said it.
Read the fine print and understand the rules (or speak to someone who is licenced to explain the rules to you).
Don’t forget the salesperson would love to meet sales targets and get paid a big fat commission, but they are not licenced to give you tax advice.
Taking on lots of finance to shaft the ATO could cost you a lot more than you think!
Root Canal Appreciation (post budget) Day
Have you had a dental checkup recently? Small business owners may find themselves grinding their teeth!
This won’t hurt a bit!
Last night the federal budget was announced.
It still needs to be legislated before any proclamation becomes law. While you wait, speak to your licenced expert about your small business and start planning how you can take advantage of initiatives that may benefit you.
Possible benefits for small businesses….
Budget Night
Hear ye! Hear ye!
The budget is a very fancy announcement, you’ll need to wait for legislation to be passed before you go and do anything crazy.
While you wait, speak to your licenced expert and get planning!
Breathe Easy Month
The Tax Office is coming!
Did that make you catch your breath?
What can be done to lower / eliminate business owner panic?
Firstly identify what it is that makes you hold your breath.
If the ATO causes you dread, we’ve got the inhaler to help you breathe easier this month (and every month).
Mooted changes to super
You may have seen news stories about ‘improvements’ to super starting in 2026. Its not yet law, so don’t get ahead of yourself.
Assuming the bill passes….
From 2026 you will need to pay super on behalf of your employees each time you pay their wages. Payment frequency will change from quarterly to weekly/fortnightly/monthly (or a combination). Payments will be due much sooner than you have been used to.
April 2023 IAS
If you report monthly to the ATO, you’ll need to ldoge and pay your April IAS by Monday 22nd May.
Worthy Wage Day
So you’ve managed to find the right employees, great! Its unlikely that they’ve agreed to work for you for free, so you have to negotiate their wage or salary.
The National Minimum Wage in Australia is currently $21.38 p/h or $812.60 p/w for workers not covered by an award. (You did notice the use of the word minimum.)
If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Or get an actual expert in to do it for you.
Super Hero Day – Late super payments
Are you using your super powers to make the world a better place for your team in their retirement?
January – March super contributions need to be in your employees superannuation fund accounts today, what happens if that deadline hasn’t been met?
Penalties. Harsh Penalties. Business Kryptonite.
Be a super hero for your employees and make sure superannuation payments are made on time!
Employee Leave
Its back to school and back to work time!
Have your staff taken annual leave lately? Are your leave records up to date?
STP2 means you need to report leave payments separately from normal wages to the ATO too.
Need help? Ask a BAS agent (like us!) to help you manage your employee and payroll records.
