Ok, first things first. Do you employ more than 20 employees by headcount? If you don’t then you don’t need to worry, as this is not mandatory for you. If you do/you might/or you want to, read on…
On 1/4/18 you will need to do a headcount of your employees. If its 20 or more then we must have STP in place as at 1/7/2018. Smaller employers can volunteer to use STP and anyone can elect to enter earlier.
So what does it all mean? Every time you run a payroll, you need to submit it to the ATO. This will include gross wages, gross tax and Super (all year to date accruals).
The good news is, that Xero is going to ensure that it will be as easy as a click of a button.
The reason? The ATO want greater visibility of all employers, enabling earlier activity to ensure the employer is paying their PAYGW and their Super.
What else does it mean? It will also mean that the employer will no longer be required to provide payment summaries to their employees. The ATO will provide them. For this reason, it is very likely that I will encourage all of my clients who have employees to adopt the STP as soon as possible, reducing a lot of work at the end of the year in issuing payment summaries.
The Fair Work Ombudsman has issued a media release advising that it will audit East Coast retailers as part of a new campaign.
Hair and beauty salons and retail outlets are the focus of the new Fair Work Ombudsman compliance campaign.
Fair Work Inspectors will check employers are paying the correct minimum hourly rates, penalty rates, allowances and loadings and providing appropriate meal breaks.
Compliance with record-keeping and pay-slip obligations will also being monitored during the three-month campaign.
Do you know your legal obligations?
Most businesses - including small businesses - are now covered by the Fair Work Act 2009.
Fair Work Inspectors appointed the Fair Work Ombudsman have the power to enter a workplace at any time to inspect records and ensure compliance.
Employers risk penalties of up to $54,000 for each breach of the Fair Work Act 2009.
Do you need help with HR and compliance?
Engage us for a free consultation to assist you with your HR compliance.
You may have heard of the upcoming choice that business will have to lodge ‘Simpler BAS’. This is a move by the ATO to reduce the complexity of current GST tax types in current use, as a way to encourage businesses with turnover below $10m to lodge more accurate statements. From 1/7/17, these small businesses will only need to report GST on Sales, GST on Purchases and Total Sales. Regardless, BAS will still require PAYG Withholding and Instalments, WET, FBT, FTC and LCT (if required). Businesses will still need to implement the GST system and understand how GST applies to what they sell. A business will still need to understand what GST they are allowed to claim back.
Where we undertake your BAS, simpler BAS options will be applied, and any resulting efficiency gains will be passed onto you as a matter of course.
Yes Peeps, time to get your BAS in for Jan/Feb/March 2017. Lodge and pay by end of April 2017. Give us a call if you need a hand.
Bookkeeper, BAS Agent, Diploma Accounting, I love helping small businesses get their books back in order and create calm out of chaos.