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.
Electric Car Fringe Benefits Tax Exemption
From 1st July 2022 Fringe Benefits Tax (FBT) is not payable to the ATO on the private usage of zero or low emissions vehicles.
Ok great, but what does that mean.
Normally any personal usage of a company or work car will be subject to extra (FBT) tax to make sure tax is being paid on all benefits an employee receives that aren’t salary/wages.
As with everything, lots of fine print.
We’ve applied the magnifying glass for you.
January – March 2023 super
Authorise staff super NOW!
The funds need to arrive and be receipted into employee accounts on or before 28th April to ensure compliance.
Non compliance means the expense is no longer a tax deduction for your business, and you as a director of the firm, become personally liable.
Records and Information Management Month
Are you all over business record management?
ATO says:
As the business owner, you are accountable for understanding your record-keeping obligations. If you use a registered tax or BAS agent to manage your records, you still retain primary accountability.
We use apps to help our clients maintain good records, it is much safer than paper files.
Ready to ditch the filing cabinets? Get in contact today.
March 2023 BAS
Using our BAS agent extension – the due date is 25th May. However we need our clients to provide all data to us by 30th April so we can review, amend and prepare your March BAS for lodgement by the due date.
If you DIY your BAS lodgements, your due date will be earlier. You really need to act now!
Easter Public Holidays 2023
The Easter long weekend is coming up, what does it mean for you and your team?
Chocolate!
And unusual payroll.
January – March 2023 super
Staff super contributions for wages paid between January and March are due soon.
You’ll need to approve xero super for payment by 20th April to make sure it can fly through cyber space and land in your employees accounts on or before 28th April.
Harsh penalties apply to late payments.
Easter 2023
We will eggs-it the office at noon on Thursday 6th, and we’ll be back on Tuesday 11th April.
Have an eggs-ellent Easter Break!
The Chicks
Streamline Management
🐣🐣🐣
STP2 deadline is today!
Awards are not changing, however gross wages need to be broken down into the individual components. You need to display all allowances separately from the hourly rate you pay your team. (make sure you’re actually meeting minimum payrates!)
FREE Payroll 101 Webinar
All the things you wanted to know, but too afraid to ask!
Don’t wait for Fair Work to come knocking. Get on the front foot to ensure you are compliant.
Win cash with xero – Delayed deadline!
Win up to $2,000
Deadline delayed until 31st March!
