Affordable Bookkeeping Solutions for your Small Business
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.
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.
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.
Single Touch Payroll (STP) reporting, combined with improvements in super funds’ reporting through the Member Account Transaction Service (MATS) means that the ATO now has near real-time data to show employers’ compliance with their super guarantee (SG) obligations.
The ATO will use this data to help prevent and correct late or under-payment of employer superannuation guarantee contributions.
If you have not met your SG obligations, the ATO may be making contact to:
If you need help in getting your superannuation in order, please Contact Us or Book a Chat.
Information provided by the ATO
Single Touch Payroll (STP) reporting is here and it’s time to make the move. The ATO guideline is that employers should have transitioned to STP by 30 September 2019.
STP changes the way you report your employees’ tax and super information to us. You now need to report salaries and wages, pay as you go (PAYG) withholding and super information to the ATO each time you pay your employees.
Xero, MYOB and QuickBooks all have STP solutions built into their software so talk to us today about taking the next step to implement the solution that best suits your small business. Alternatively, book a Chat but be quick because 30 September is fast approaching.
If you run a small business and manage your payroll manually, you’re not alone but Single Touch Payroll is now here and it’s time to look at managing your payroll utilising software.
Manually managing your payroll may feel like a low-cost solution however it’s probably costing your business much more than you think. If you’re worried about spending money on a software system, there are affordable software solutions available and you will also find that these systems save you so much time and money.
Here are three reasons why:
It takes time to process employee hours and errors may occur. An online accounting solution gives you the option to have your employees enter their hours into an ap.
Time saving!
STP requires business owners to be reporting their payroll activity every time a pay run is processed. This requires an approved software solution.
Single Touch Payroll reports wages and salaries, PAYG withholding and superannuation directly to the ATO. Your employees can then access their payroll data via the my.gov.au website.
You need to comply.
An online accounting solution will save you a lot of time and our packages start at just $19 a week. Whilst you may think you’re saving some money without software in place, you will probably find that it’s actually costing your business money.
Affordable!
Book a Chat with us today or Contact Us to see how affordable and easy it is to have a software system in place.