Monthly Archives: July 2021
In these difficult times it is crucial to have your finger on the right button.
And with that in mind we welcome you to join our next Survive & Thrive webinar.
The webinar will feature the usual Things To Do over the next month and a case study section (which this time will be planning).
Our guest speaker Peter Sleight will discuss Eating for Better Health.
The webinar will run for 25 minutes from 5.30pm on Thursday 5th August. You can reserve your place by clicking here clicking here
We look forward to seeing you on the night and we welcome your passing this invitation on to family, friends and business associates.
The state and federal governments today announced their support packages in respect of covid lockdown #5 government grants.
Put simply, most incentives are a doubling of what was offered for the last lockdown. As such, most businesses will receive nothing.
The Licensed Hospitality Venue Fund recipients will again receive $3,000 and Business Costs Assistance Program recipients $2,000. Recipients is perhaps not the best term as whilst some 86,000 businesses applied, one quarter of those are still awaiting payment. That said, those that received a payment need to not re-apply; they will simply receive a further amount.
Major event organisers will receive up to $250,000. Cinemas though will only receive $12,000.
Significantly, workers who lose hours of work will be compensated – $600 if lose more than 20 hours during the lockdown; $375 if between 8 and 20 hours are lost. Presumably this only relates to casuals as they have no leave to be stood down with. Interestingly, the federal government will fund the payments to those within hot spots; the state government will fund payments to all other qualifying employers.
We will keep you posted if further details are announced or extra support is announced. We also welcome any questions you may have.
With the progressive roll-out of Single Touch Payroll, year end finalisation deadlines are tightening. It’s not like the “good old” Payment Summary days were one had to the 14th August to return the stationery. Employers are now required to complete the Single Touch Payroll finalisation step by 14th July.
Thankfully though two extensions are available this year:-
In response to demands caused to business owners, 31st July
For closely held employees (family members) 30th September
Those larger employers that are subject to Pay-roll Tax are due to certify the 2020/21 remuneration by 21st July. This is not just a matter as in addition to wages, salaries, commissions, directors fees, bonuses and so on, Pay-roll tax is also payable on:-
Some fringe benefits
Payments to certain contractors (including some corporates).
Whilst 28th July is the end date for paying the June quarter SG super, payments through clearing houses can take up to 10 days. We therefore recommend that the June quarter super be processed no later than Friday 16th.
We welcome any question you may have about these matters.
As you will have read in our Budget analysis and no doubt been notified by your software provider, please ensure that you are calculating SG super as from July at 10%.
It is opportune to remind you that SG is payable on what is called Ordinary Times Earnings (OTE). OTE is not calculated on a number of items including overtime and some bonuses. You can read more here.
And in closing just a reminder that the removal of the $450 monthly; threshold is due not to be removed until 1st July 2022.
Payroll processing is complicated. Moreover errors can prove costly. We are therefore pleased that Xero now interacts with KeyPay (QuickBooks Online has used a limited version for 5+ years). Please ask us if you would like a review of your payroll system.