Welcome to the Client Corner. Here you’ll find shortcuts to the most relevant news and updates for clients.

Employers: Don’t miss the deadlines

The end of the financial year is fast approaching along with the associated obligations regarding your business and the staff you employ. In June our office sent out a summary sheet of important processes and deadlines businesses need to be aware of. Of course, we are happy to assist wherever possible, but it is your responsibility to ensure we are provided with all necessary information as soon as possible in order to meet the due dates.

Here are a few of the highlights:

Wages are increasing

The Fair Work Commission has announced a 2.5% increase to minimum wages. The increase applies to employees that get their pay rates from the national minimum wage and modern awards.

Most employees are covered by an award. Award rates will also increase by 2.5%. The increase will apply from the first full pay period starting on or after 1 July 2015. You should check the Awards you use closer to this date to obtain the updated pay rates for staff.

Get ready for SuperStream

If you are a small employer (19 or less employees), SuperStream starts from 1 July, 2015. You have twelve months to become fully compliant.

Under Superstream, employers must make their super contributions on behalf of employees by submitting data and payments electronically in a standard format.

The Small Business Superannuation Clearing House could be a good option for you if you do not maintain an electronic payroll system and are not looking to implement one.

Payment Summaries

You are responsible for providing each of your employees with a payment summary no later than 14 July, 2015. It is important to provide these to all employees, even if no tax was withheld.

The PAYG payment summary annual report is due to be lodged with the Tax Office by 14 August, 2015. It’s important to remember this; last year several clients gave out the payment summaries and forget to submit the annual report. This resulted in fines from the ATO.

Contractor Tax Reporting

If your business is primarily in the building and construction industry, you have an ABN and you make payments to contractors, you may need to report the total payments you make to each of your contractors by lodging a Taxable payments annual report with the Tax Office each year.

This year, the report is due on 28 August, 2015. The Tax Office are actively applying penalties to businesses who fail to lodge this information on time.

 

If you have any questions, don’t hesitate to contact our office on 1300 35 22 35.

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