Payroll & Employees

December Monthly Newsletter! 

Welcome to our December Monthly Newsletter! 

We are now in December, the season of joy! We hope that all of our small business clients are able to take some time out with their families over the holiday period. Our office will be closed from Monday, 23rd of December 2019 and will re-open Monday, 6th January 2020. Please contact our office if you wish to discuss anything before we close or you require assistance with payroll and working out those annual leave payments for employees.

Monthly tax tip:

Now that Christmas is just around the corner, you will probably be wondering what to do about gifts for clients and staff members. Well we have some good news for you, majority of small gifts to staff and clients are tax deductible with just a few exceptions. Small gifts for clients are generally tax deductible if they are given in hopes of making a future profit and are not a private gift, e.g. a bottle of champagne might be gifted to your larger clients as a Christmas gift to thank them for their business – this is tax deductible but if you were to also gift a family member that happened to be a client (not considered one of your larger clients) then it would be considered a personal gift and not tax deductible.

Small gifts to employees are also tax deductible as long as they are a standard gift and not an entertainment based gift, e.g. a watch is tax deductible but a ticket to a sports game is not. If you do plan on gifting employees at Christmas time then you may also want to keep an eye on the cost – if the gift totals $300 or over then it could trigger fringe benefits tax. A way around this could be buying a gift for less than $300 and also providing the employee with a bonus in their pay cheque. Just keep note that the bonus will be taxed at the employees individual tax rates.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

Important Dates!

1 December:

Pay income tax for the 2019 tax year if taxpayer is a taxable medium/large company or superfund

Pay income tax for the 2019 tax year if taxpayer is a company or superfund and lodgement was due by 31 October 2019

21 December:

Lodge and pay November 2019 monthly business/instalment activity statement

October Monthly Newsletter

Welcome to our October Monthly Newsletter! 

Single Touch Payroll registration became mandatory on 1 July 2019, however if you were considered a “small employer” which is defined as having less than 20 employees, you had a concession date of 30 September 2019 to start reporting. If you missed these deadlines then you can apply for a deferral with the ATO but must have good reason, e.g. transitioning to appropriate software, no access to internet, etc. From our experience, the STP process is super easy and takes only a matter of minutes to become connected (if you are already using appropriate software). Lodging STP pay events are also an extremely simple process so do not be alarmed if you haven’t jumped on the band wagon yet – it’s easier than you might think! If you are unsure where to even start with this process then we suggest contacting your software provider. If you are not using appropriate software or would prefer that we manage your payroll then please contact us to discuss your options.
Monthly tax tip:
Is your business registered for GST? It may not be required to just yet (you must register once you reach $75,000 in gross revenue) but registering for this can have some great benefits! GST is a consumer tax and shouldn’t actually be paid by business’ however you will be paying for it if you are not registered for GST. When you register, you can claim the GST that was paid on expenses relating to your business. Many business owners will actually avoid registering for GST because they are worried that they will have this new tax to pay – this is a common mistake. When you are registered, you actually collect GST from your customers so it is added to your sale price – not taken from it. For example, if you are going to invoice a customer for $100 you would then add the 10% of GST which is $10, making the total $110. You would then keep the $100 that you earned and pay the $10 to the ATO. So you don’t actually have to pay any new taxes and you are refunded directly for GST that you paid on business expenses! If you are interested in this and would like more information or assistance in registration then please contact us.If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.
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Important Dates!

21 October:

  • Lodge and pay September 2019 monthly business/instalment activity statement
  • Pay annual PAYG instalment notice. Lodge the notice only if you vary the instalment amount

28 October:

  • Make super guarantee contributions for quarter ending 30 September 2019 to funds by this date
  • Lodge and pay quarter ending 30 September 2019 activity statement if lodging by paper
  • Pay quarter ending 30 September 2019 instalment notice. Lodge the notice only if you vary the instalment amount
  • Lodge and pay annual activity statement for TFN withholding for closely held trusts

31 October:

  • Lodge and pay 2019 income tax return if not lodging through a tax agent
  • Lodge PAYG withholding annual report for no ABN withholding
  • Lodge TFN report for closely held trusts for quarter ending 30 September 2019

Are you ready to hire a new employee?

Are you ready to hire a new employee and are unsure on how to organise their first day? See the below link for some tips and tricks on how to avoid induction mistakes, increase employee satisfaction and engagement and some personal stories from employees themselves.–KvvwtMmguYnWDd8hDv37npmJDVexeQkswCddeZ8a4f2pSrz0UCiJP-tL2MG8JngthQT7i6yaS8N6asO_R1OgwVUARBjkLVHVFZMpiU08E6VZ4QF4&_hsmi=76465860&utm_content=76465860&utm_source=hs_email&hsCtaTracking=ba74dfcb-6f40-4fe0-9843-e67a5307c9fc%7Ca90eb2b5-7ae0-448d-ac4b-f2da7bab017e&fbclid=IwAR3FYYVdRa0jC9svF_8Xne6OtdsqBg-9KFmkv2-muW2s2LfDRe5Jp5I8dJw 


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. 

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. …

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