icare has a great tool on their website to check if an employer has valid workers insurance for their employees.
Click here to access. All you need is the ABN and ACN of the entity. Not sure of that, use the ABN Lookup tool.
Bookkeeping
Workers Insurance: Small Business Toolkit
Need a bit of help to navigate Workers Compensation insurance?
Click here to visit the icare website and download their Small Business Toolkit.
Superannuation Guarantee Amnesty
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?
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.
Are you eligible for the NSW Small Business COVID-19 Support Grant
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.
Claim the Small Business Exemption and save Stamp Duty on relevant insurance policies
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.