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.
I Forgot Day
I forgot is not something you want to be saying often about compliance deadlines!
2021 STP finalisation – Deadline extended
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.
June 2021 quarter super is due soon
Have we mentioned super lately??
Any remaining unpaid April-June super contributions must be received (by fund) by 28th July. If you paid everything early, scroll on!
Penalties will apply for late payments.
30th June 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!)
COVID-19 support package for businesses across NSW
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.
Group certificates for staff
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 Staff will not be receiving any documentation from you, Group Certificates have been replaced by Income Statements under the STP system.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
EOFY DIYer
Reconcile EVERYTHING.
Pay particular attention to payroll.
Do your (paper) bank statements match your accounting file?
Lodge:
STP finalisation for staff wages
BAS
Tax Return (you absolutely will need licenced help for this one)
May IAS 2021
Time to lodge and pay your May IAS, today is the deadline
If you cannot make the payment in full – contact the ATO to arrange a payment plan.
2021 Increase to minimum wages
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.
Croc Day
What a croc!
Did you hear the one about all purchases from Bunnings & officeworks being tax deductible?
Only licenced agents are allowed to give tax advice – assume free advice is a croc of s#@t 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 (if you can in those shoes)
