Affordable Bookkeeping Solutions for your Small Business
From 1 November 2021, you will have an extra step to take if you have new employees who start and they don’t choose a super fund.
You may now need to request their ‘stapled super fund’ details from the ATO.
A stapled super fund is an existing super account of an employee that follows them as they change jobs.
This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.
To find out more, click here.
From today, the super guarantee (SG) rate will rise from 9.5% to 10%.
If your small business has employees, you will need to update your payroll and accounting systems to incorporate the increase.
The super rate is scheduled to progressively increase to 12% by July 2025.
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:
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.
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:
If you have any questions, please Contact Us to discuss.
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.
The Government has introduced the JobKeeper Payment scheme as a temporary subsidy for businesses significantly affected by coronavirus (COVID-19). Eligible employers, sole traders and other entities can apply to receive $1,500 per eligible employee per fortnight.
General eligibility for small business to receive the JobKeeper payment is as follows:
Once you have established eligibility, you must enrol for the JobKeeper payment. You must also determine if your employees are eligible to receive the JobKeeper payment.
Sole traders and eligible business participants may also qualify.
Need a hand with everything JobKeeper? Book a Chat with us to see if you are eligible. Don’t delay. Get this done by 31 May 2020.