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.
Public Holiday for Australia Day
Public holidays – don’t forget your fairwork obligations!
You need to pay all full time and part time staff for the normal hours they would have worked on Australia Day if you close your workplace.
If you open your workplace, all employees have the right to not work. Employers can request employees to work on a public holiday, but the request has to be reasonable. An employee can refuse a request to work if the employee has reasonable grounds to refuse or the request is unreasonable. Check awards for payrates.
Employee super must be paid on time!
Super payment due dates occur quarterly. If you don’t pay an employee’s super guarantee (SG) amount in full, on time and to the right fund, you must pay the super guarantee charge (SGC).
The SGC is more than the super you would have otherwise paid to the employee’s fund and is not tax deductible.
You will need to complete an SGC statement and submit it to the ATO, this is used to calculate fines and penalties (some to compensate staff for lost earnings, some to punish you for naughtiness).
Hopefully this is a mistake you only make once!
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!
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