Chesterton Accounting

July Monthly Newsletter

Welcome to our Monthly Newsletter! 

We, the team at Chesterton Accounting would like to wish you a Happy New Financial Year! Thank-you for supporting our business.

As you know, tax time is now upon us so we are busier than ever! If you would like to schedule a consultation with us then please hop on over to our website where you can see our availabilities and book a time that suits you.

Monthly tax tip:
Did you know that you can claim home office expenses if used for your business? You can claim a percentage of each expense as per the business use.

However, a much easier calculation is claiming the hours spent in your home when working. The hours can be claimed at a set rate of 52 cents per hour as per the ATO ruling for 2019.

Important Dates!
1 July
  • Single Touch Payroll is mandatory for all employers
  • Wages that are covered by an award must be increased by 3% as per the new national minimum wage
14 July
  • Issue employees with PAYG payment summaries for the year ending 30 June 2019
21 July
  • Lodge and pay June 2019 monthly business/instalment activity statement
28 July
  • Lodge and pay quarter ending 30 June 2019 activity statement if lodging by paper
  • Pay quarter ending 30 June 2019 instalment notice. Lodge the notice only if you vary the instalment amount
  • Make super guarantee contributions for quarter ending 30 June 2019 to funds by this date
31 July 
  • Finalise EOFY employment figures if lodging through Single Touch Payroll

Claim Employee Super this Financial Year⏳

As an employer, you claim superannuation payments when they are paid – not when they are accrued, even if you report on an accrual basis for tax purposes.

However, if you wish to claim a deduction for this financial year for superannuation (quarter 4), it will need to be processed in your software by the 20th of June to allow time for the payment to be received.

If you choose to pay in July by the due date then the deduction will be claimed in the next financial year.

If you would like us to process this then please contact us as soon as possible so we can arrange a time to get this processed for you.

If you have any questions then please contact our office by phone or email. 😊

 

Get set for a 3.0% increase to base pay rates

The Fair Work Commission have made new changes to minimum wages with a 3.0% increase after the 2019 Annual Wage Review.

The increase will apply to base pay rates starting on or after the 1st of July 2019.

The increase will only apply to employees that are on the national minimum wage or covered by a modern award.

If you have any further questions regarding this please do not hesitate to contact the office on (07) 41790106.

https://www.fairwork.gov.au/emails/website/get-set-for-a-3-increase-to-base-rates-of-pay?g=ad5a748e-fef3-4ba7-8839-6ea3b5ad3de3 

Contractor or Employee?

New funding has been allocated to the Fair Work Ombudsman to help reduce “sham contracting”.

If you are currently engaging in “sham contracting” then your business could be subject to significant fines.

The following checklist will help you determine whether someone who works for you is an employee or contractor.

We advise all employers to review their current contract workers against this checklist.

Alternatively, contact our office for more assistance on (07) 4179 0106. …

Single Touch Payroll

Are you ready for Single Touch Payroll? As of the 1st of July, every employer will be required to use some form of payroll software to report to the ATO. Xero’s Payroll Only plan is just $10 a month, allowing you to efficiently report your payroll obligations to the ATO in a matter of clicks. If you are interested in learning more or would like assistance in your account set-up then please contact our office on 07 4179 0106.

https://www.xero.com/au/features-and-tools/accounting-software/payroll/payroll-single-touch-payroll/

Wage Theft is Now a Criminal Offence!

Wage theft is now a criminal offence! Employers who are deliberately under paying staff could find themselves in jail. Wage theft includes the following: underpayment of wages, unpaid super, unpaid penalty rates, unauthorized deductions from pays, the misuse of ABNs and sham contracting. Please see the below link for more information.

https://mysunshinecoast.com.au/news/news-display/government-supports-making-wage-theft-a-criminal-offence,58239

Are you engaging in wage theft or are unsure if you are? Please do not hesitate to contact our office for a wage review on 4179 0106.

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