Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

Hawkesbury Bookkeeping

Superannuation Guarantee Amnesty

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On 6 March 2020, the government introduced a super guarantee (SG) amnesty (the amnesty). The amnesty allows employers to disclose and pay previously unpaid super guarantee charge (SGC), including nominal interest, they owe their employees, for quarter(s) starting from 1 July 1992 to 31 March 2018.

Eligible disclosures will not incur the administration component ($20 per employee per quarter) or Part 7 penalty.

In addition, payments of SGC made to the ATO after 24 May 2018 and before 11.59pm on 7 September 2020 will be tax deductible.

Employers who have already disclosed unpaid SGC to the ATO between 24 May 2018 and 6 March 2020 don’t need to apply or lodge again (see Disclosures of unpaid SG between 24 May 2018 and 6 March 2020).

Employers who come forward from 6 March 2020 need to apply for the amnesty by 7 September 2020.

The ATO will continue to conduct reviews and audits to identify employers not paying their employees SG. If we identify these employers before they come forward, they will not be eligible for the benefits of the amnesty. They will also be required to pay:

  • SG shortfall
  • nominal interest (10%)
  • administration component ($20 per employee per quarter)
  • Part 7 penalty (up to 200% of the SGC).

In addition, payments of the SGC won’t be tax deductible.

Paying super is an important part of being an employer. If you’re not eligible for the amnesty, or you have unpaid super for quarters that are not eligible, you must still lodge an SGC statement.

Information obtained from the ATO Website. Please click here for more information.

Have you paid contractors this financial year?

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You may need to lodge a Taxable Payments Annual Report

If you’ve paid a tradie or other contractor for building and construction services in the last year, you might need to lodge a Taxable Payments Annual Report (TPAR) by 28 August.

Remember:

  • Keeping good records throughout the year will make lodging your TPAR quick and simple
  • If you have accounting software, check if it’s TPAR ready. If you’re not sure or your software is not setup, Book a Chat and we can help in setting this up for you to save time into the future

If you have any questions, please Contact Us to discuss.

Minimum Wage Increase

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The Fair Work Commission has announced a 1.75% increase to the National Minimum Wage following its 2020 Annual Wage Review.

The increase applies to awards in 3 stages, which start from the first full pay period on or after:

  • 1 July 2020 
  • 1 November 2020
  • 1 February 2021

For anyone not covered by an award or an enterprise agreement, the new national minimum wage will be $753.80 per week or $19.84 per hour. This applies from the first full pay period on or after 1 July 2020.

For further information, please visit the Fair Work website.

Are you eligible for the NSW Small Business COVID-19 Support Grant

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Applications close 11.59pm Tuesday 30 June 2020

The NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19.

If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for a small business support grant of up to $10,000.

Click here to see if you are eligible and to make your application.

Motor Vehicles and Instant Asset Write-Off

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Thinking of purchasing a motor vehicle and taking advantage of the instant asset write-off?

Click here to view information provided by the Australian Taxation Office in regards to the purchase of motor vehicles.

Click here to view general information provided by the Australian Taxation Office around the instant asset write-off program.

Purchases need to be made prior to 30 June 2020.

Claim the Small Business Exemption and save Stamp Duty on relevant insurance policies

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Does you business turnover less than $2 million dollars? If so, your business could be exempt from paying stamp duty on the following policies:

  • commercial vehicle insurance
  • occupational indemnity insurance
  • product and public liability insurance

If you’re eligible, you will need to speak to your insurer and complete a declaration.

To find out more, visit https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/small-business-exemption.