In this Issue:
REMINDER: Get your receipts to us – remember to send your bank statements.
To ensure we can provide our best service and support, can you please complete the tasks that are relevant to you:
Please ensure the tasks are completed and you notify us it is ready before the “Tasks Due” date, to take advantage of our guarantee that your BAS will be completed on time.
We appreciate your support!
Be careful with bank account changes received via email, particularly PDF. Fraudsters have the ability to intercept an email, edit the email or PDF with different bank account details, then send it on to the recipient with the changed bank details. If you pay the invoice to the incorrect account, you most likely will not recover the money, and you will still owe the original amount to your supplier.
The best course of action is to phone and confirm the change in account details.
Are you paying the right amount? Something the ATO takes seriously is wages and with changes to 97 awards recently, you need to make sure your employees are receiving the correct wage. A wage audit includes reviewing all entitlements of your employees – rates, penalties, allowances etc. If you would like us to conduct a wage audit to ensure you are meeting your obligations, please let us know.
This expansion of STP (also known as STP Phase 2) will reduce the reporting burden for employers who need to report information about their employees to multiple government agencies. It also supports the administration of the social security system.
The mandatory start date for STP Phase 2 reporting will be 1st January 2022.
We'll provide more information as it rolls out.
END OF FINANCIAL YEAR:
Remember to start prepping for the End of Financial Year.
From the 1st of January 2021 the law relating to employees and their choice of superannuation fund has changed. New workplace determinations and enterprise agreements made on or after this date must now offer employees the right to choose the super fund to which you pay their compulsory super contributions.
Once a new determination or agreement is in place, an employer needs to offer choice of super fund to:
An employee can nominate their fund by completing the standard choice form through ATO online services linked to their myGov account.
Alternatively, employers can give their employee a Superannuation (super) standard choice form to complete.
If an employee doesn’t nominate a fund, an employer can continue to pay an employee’s super to the same fund previously contributed to, or into a default fund.
FUEL TAX CREDITS: UPDATED
The ATO has now released a simpler way to calculate your fuel tax credits for diesel used in heavy vehicles. If you claim less than $10,000 each year, you can use the new basic method for heavy vehicles.
The method makes it easier to work out on and off public road use.
As the rate for travel off public roads is higher, you’ll get more fuel tax credits if you calculate your off public road use correctly.
Travel off public roads includes when you’re idling, loading, or unloading your heavy vehicle in warehouses, depots, or car parks.
For more information, click HERE.
IMPORTANT ATO INFORMATION
It has come to our attention that the ATO is becoming increasingly strict on employers paying their employee Superannuation on time. For every day the Super is overdue and you do not inform the ATO that you have NOT paid it, you will be charged interest.
So, it is important for you to make sure that all Super payments are paid on time, or at least to discuss this with the ATO, so that you don't get dealt a hefty interest charge.
If you are having trouble keeping on top of this, contact us and we might be able to work something out to help you.
Important Advice for Employers
If you are an employer, it is a good idea to subscribe to the Fair Work Ombudsman Newsletter to make sure you remain in the loop about Fair Work and your rights and obligations.
To make sure you don't miss anything, click HERE to sign up.
If you are wanting to know about any funding or grants that you may be eligible for, you can contact Vicki.
Vicki is the Entrepreneurship Facilitator, and she is here to help business with any problems they are having.
Ph: 1300 249 482
RBH ONLINE WORKSHOP
This April, the Regional Business HQ is hosting an online workshop to help you better understand what it is you need to do for this coming tax season.
Click the link below to learn more and to register:
After receiving feedback from the profession about the issues that have arisen as a result of the change. As an interim approach, the ATO will issue paper PAYG and GST quarterly instalment notices starting with the June 2021 quarterly notices.
For more information on this, please click the link below.
If you're looking for more workshops, for links to help you if your business has been affected by COVID-19 or are just looking for other ways to help you with your business, click the link below.
It will take you to a page where you will have a number of links to choose from, depending on what you need.
Effective from the first full pay on or after 20th November 2020 Fair Work Commission revised several (97) awards in relation to overtime payments, minimum engagement periods and conversion from casual to permanent employment.
Click this link to see these changes.
BACK TO WORK PROGRAM:
Since 2016, the Queensland Government's Back to Work program has been providing regional Queensland employers with the confidence to hire unemployed jobseekers, helping to change lives and improve businesses along the way.
At a time when jobs have never been more important, your business is one of over 8650 regional employers who have supported over 19,900 Queenslanders with jobs since this game-changing program commenced.
Eligible employers can access support payments of up to $20,000. Applications are currently open until 30 June 2021.
SMALL BUSINESS GRANTS:
The Business Basics Grants program for $5000 provides support to businesses to increase core skills and adopt best practice. Applications opening 31 May 2021.
The Business Boost Grants program for up to $15,000 will support small business to invest in advancing operational efficiency and increasing productivity. Applications opening late July 2021.
The Business Growth Fund program for up to $50,000 provides funding for small and medium-sized businesses experiencing high-growth to buy specialised equipment to unlock growth potential, increase production, expand the workforce and maximise economic returns. Applications opened 11 May 2021.
MENTORING FOR GROWTH:
Mentoring for Growth (M4G) offers eligible businesses free access to volunteer business experts who provide insights, options and suggestions relating to challenges and opportunities you are experiencing in your business.
Mentors are available to provide tailored support including financial mentoring and business planning.
The M4G program assists Queensland businesses to grow and succeed in the current business environment.
Are your contact details and registrations with the ATO correct? Log into your MyGov account to ensure your physical location, postal and email addresses, and phone numbers, are up-to-date. You can also check your information with ASIC, this includes company directors etc.