People
5 ways outsourcing payroll can help you
When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up […]
Fast-track worker onboarding
Gone are the days of paper based submission and lengthy processing times. Employees can complete tax file declaration forms using their myGov linked ATO account. Once your new employees are logged into the ATO portal, all they need to do is navigate to Employment > New Employment and complete the designated form. No input will […]
Single Touch Payroll: Phase 2
If you want to stay up to date with Phase 2 of Single Touch Payroll, you can register for webinars with the ATO. Webinar sessions will be hosted by specialists throughout October, touching on various topics and considerations you may have. You still have time to register for the following session: Friday 22nd October 1:00-2:30 […]
Employee expenses and fringe benefits
Do you pay for or reimburse your employees for expenses such as gym memberships, office items, or phone and internet costs? If so, you may be providing a fringe benefit. The ATO provides webinars for small business owners on various topics, including what providing fringe benefits means for you. You can read more on the […]
Consequences for employees making late super payments
Last month we spoke about the consequences of avoiding payroll tax for employers. However, if you’re an employer, it’s equally important to make sure that you’re paying your employees’ super on time. Missing the due dates for superannuation contributions results in extra fees for your business, such as a ‘super guarantee charge.’ Learn more […]
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Payroll Tax: Pay It!
Account Daily’s article warns business owners of the increased penalties associated with avoiding payroll tax payments. Points to note from the article are as follows: Penalties to increase by 400% Penalties include jail time and fines of up to $110,000. Revenue NSW may ‘name and shame’ offending businesses. This information is to be made available to Fair […]
Phase two of Single Touch Payroll
In a year from now, the Single Touch Payroll system will enter its second phase of growth, requiring further information to be provided. The increase in providing information to the Australian Taxation Office means that you will no longer be required to issue it to additional government agencies, as is the case currently. This means […]
Payroll discrepancies costing businesses millions
You’ve heard it before: Doing your own bookkeeping, payroll and accounting can result in costly mistakes. For The University of Newcastle, payroll mistakes have cost $6 million in errors over a six-year period. These errors were results of the mismanagement of “overtime, span of hours, minimum engagement and meal allowance provisions.” Read more Worried you might be making mistakes? […]
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Accounting bodies unite for mental health training
Several accounting bodies across Australia and New Zealand have banded together to advocate the mental health first aid upskilling for accountants working with small businesses. This comes off the back of last year’s $1 million grant through the National Health and Medical Research Council who were developing mental health training material. These organisations believe this […]
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Overcoming Adversity
It’s no secret that COVID-19 has posed unexpected threats to many small business owners – not only in Australia but all around the world. As a result of lockdowns and restrictions, many small businesses have had to close their doors, unable to make rent with dwindling revenue being made. This said, small businesses have been […]
Less paperwork when hiring
It’s time to say goodbye to the multiple paper forms that have been required when hiring a new employee. Simply ask your new hire to use the pre-filled Tax file number declaration and Super Choice form via the ATO online services account linked through their myGov login. All you need to do is provide the employee with: your ABN […]
Salary sacrifice changes
Many employees choose to forego part of their pay and instead have their employer contribute it to their superannuation fund instead. Prior to 1 January 2020, employers could calculate the amount of superannuation guarantee contributions (SGC) they had to pay based on the reduced salary of an employee after their salary sacrifice had been taken […]
What does the minimum wage increase from 1 July mean for employers?
This month saw a 3% increase to the national minimum wage and the modern award minimum wages, lifting it to $19.49 per hour. This is slightly below last year’s increase of 3.5%, due to a recent dip in the economy. The 3% increase applies to any employee who gets their pay rate from: the national minimum […]
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Single Touch Payroll
On February 12, the government passed legislation that requires even the smallest of employers to electronically file each pay run with the ATO using Single Touch Payroll (STP), starting from 1 July this year. What you need to know If you’re reporting through STP you no longer need to: Provide payment summaries to your employees […]
Have you heard of single touch payroll?
The Australian Taxation Office (ATO) has introduced single touch payroll requirements. For businesses with ‘20 or more employees’, it became a requirement on 1 July 2018. For businesses with ‘19 or less employees’ it is required ‘from 1 July 2019’. It means that pay, tax, and super information will automatically need to be reported to […]