Affordable Bookkeeping Solutions for your Small Business
The COVID-19 business grant is a one-off payment to help businesses, sole traders or not-for-profit organisations impacted by Greater Sydney COVID-19 restrictions.
Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the first 3 weeks of COVID-19 restrictions (26 June to 17 July 2021).
Click here to see if you are eligible and make your application.
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.
Fair Work has included a great workplace knowledge quiz on their website. It covers a series of different topics and modules.
Click here to test your workplace knowledge and download your certificate once complete.
Interested in other Fair Work online training sessions? Click here to view.
Need a bit of help to navigate Workers Compensation insurance?
Click here to visit the icare website and download their Small Business Toolkit.
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.