Chesterton Accounting

Claim Employee Super this Financial Year⏳

Payroll & Employees, Small Business

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

Payroll & Employees, Wages

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?

Payroll & Employees

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. …

Contractor or Employee?Read More »

Single Touch Payroll

Australian Taxation Office, Payroll & Employees, Small Business, Software

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!

Payroll & Employees, Wages

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.

Top Budget Announcements for Small Business

Income Tax, Small Business

The Federal Budget was handed down on Tuesday evening with a few small changes for Australian tax payers. The most significant change which affects small and medium business, is the instant asset write-off increase to $30,000. This new measure is not a permanent one and is set to be extended through till June 2020, however this may change. Now is a great time to purchase those larger capital assets as a great tax planning strategy before it is removed. If you would like to know what else has changed then please read the below article and feel free to contact our office if you need any clarification on the changes.

https://www.publicaccountant.com.au/news/morrison-government-delivers-measures-favourable-to-sme-sector?fbclid=IwAR2QaZVutzOcjLdHEPAw8Ek-icxqvEzR7Onjw-COQOgV3AS6kEgqanvu59E

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