Hawkesbury Bookkeeping

Affordable Bookkeeping Solutions for your Small Business

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Stapled Super Fund

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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.

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.

AUSKey will no longer work from tonight

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Don’t forget that from midnight tonight you won’t be able to use AUSkey to login to the ATO Business Portal.

AUSkey will be replaced with:

  • myGovID – the Australian Government’s digital identity provider and a new way to prove your identity online. Establish your identity once and use your myGovID to access government services online.
  • Relationship Authorisation Manager (RAM) – a new Australian Government authorisation service that allows you to link your myGovID to your ABN and manage who can act on behalf of your business online.

Get started today by downloading the myGovID app and setting up your digital identity. Then using RAM; link your ABN to your myGovID so you can work on behalf of your business online.

For more information on accessing online services with myGovID and RAM, please click here or for some tips and tricks please click here.

SG Amnesty – a chance to set things right

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If you haven’t paid the right amount of super guarantee (SG) to your workers, the SG amnesty is the time to come forward. If you disclose your SG shortfalls during the amnesty, you can rectify past unpaid SG without incurring charges or penalties.

The SG amnesty runs until 6 September 2020 however, given this is a Sunday, applications are accepted until 11.59pm on Monday 7 September 2020.

SG shortfalls for any quarter between 1 July 1992 and 31 March 2018 may be eligible if you have not been told we are examining your SG obligation for the period your disclosure relates to.

If you disclose your SG shortfalls and are found eligible:

  • you must pay the SG shortfall plus interest
  • any payments you make before 11.59pm on Monday 7 September 2020 in your local time are tax deductible, including payments through a payment plan.

However, you must pay your SG shortfalls (or payment instalments) to remain eligible. If you default on your payment plan, you will no longer be eligible for the amnesty.

It’s important you act on this opportunity now to get your obligations up to date. If you’re aware of any unpaid SG for the periods covered under the amnesty and choose not to come forward, the consequences will be significant. Penalties include:

  • up to 200% penalty on top of the SG and interest you owe (minimum 100% penalty)
  • administration charges ($20 per employee per quarter).

If you’ve been impacted by recent bushfires, we understand that your priority is on your family and community at this time. However, the law doesn’t allow us to vary the due date for lodgment of an SG amnesty application.

Please view other resources:

ATO: Superannuation guarantee amnesty

If you need assistance in lodging SG shortfalls, please Contact Us or Book a Chat.

Information provided by ATO Small Business Newsroom

Have you setup myGovID?

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Don’t forget that from the end of March you won’t be able to use AUSkey to login to the ATO Business Portal. It is being replaced because it hasn’t kept up with modern technology.

AUSkey will be replaced with:

  • myGovID – the Australian Government’s digital identity provider and a new way to prove your identity online. Establish your identity once and use your myGovID to access government services online.
  • Relationship Authorisation Manager (RAM) – a new Australian Government authorisation service that allows you to link your myGovID to your ABN and manage who can act on behalf of your business online.

You can already use these new services for the Business Portal.

Get started today by downloading the myGovID app and setting up your digital identity. Then using RAM; link your ABN to your myGovID so you can work on behalf of your business online.

For more information on accessing online services with myGovID and RAM, please click here or for some tips and tricks please click here.