Employees can take 2 days of compassionate leave when someone close to them suffers a life threatening illness/injury or dies.
This leave is separate to other entitlements and doesn’t come out of your personal or annual leave balance.
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Courtesy of Fairwork.
Small businesses: Research shows that Aussies use electronic methods like EFTPOS to pay for more than 75% of transactions these days.
With most people preferring to pay electronically, you could benefit from electronic payment and record keeping systems if your business is currently ‘cash only’ 💳👍Electronic record keeping can help your business manage the rise of e-payments, streamline your accounting processes and save on physical storage space. Courtesy of ATO website.
Single Touch Payroll is a change to the way employers report their employees’ tax
and super information to the ATO.
Using payroll or accounting software that offers STP, employers send their
employees’ tax and super information to us each time they run their payroll and pay
their employees. The information is sent to us either directly from the software, or
through a third party – such as a sending service provider.
Software providers can tell you more about how they offer STP reporting.
Employers with 20 or more employees
STP reporting started gradually on 1 July 2018 for substantial employers (those
with 20 or more employees).
If you have not started reporting through STP, we have information to help you get
ready. If you need more time, you can apply for a deferral.
Find out if your software is STP-ready by talking to your software provider. Your tax
professional can also help.
Employers with 19 or less employees
Legislation to extend Single Touch Payroll to include employers with 19 or less
employees is currently before parliament. The Bill has been passed by the Senate
with a number of proposed amendments. It has been referred to the House of
Representatives to consider the amendments put forward.
For now, you can choose to report through STP. Talk to your software provider to
find out what you need to do to update your software and start reporting.
We won’t force employers with 19 or less employees to purchase payroll software if
they don’t currently use it. Different STP reporting options will be available by 1 July
2019 to help smaller employers.
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We have asked software developers to build low-cost STP solutions at or below
$10 per month for micro employers – including simple payroll software, mobile
phone apps and portals.
We have received over 20 expressions of interest (EOI) from software developers
and will publish a register of the successful EOIs we have received by 30 November
2018.
Micro employers (1–4 employees) will also have a number of alternate options that
are not available to employers with 20 or more employees – such as initially
allowing your registered tax or BAS agent to report quarterly, rather than each time
you run your payroll.
Exemptions to STP reporting will also be available if you have no internet or an
unreliable connection.
Get setup on Xero now.
If you have been thinking about getting setup or moving across to Xero accounting software, now is the time to do it so you are all ready to go in the new year. We have some capacity before we finish up for the year for a couple of weeks break. Give us a call and see how we can assist you.
Now is the time to get your books in order and up to date for your year end tax if you don’t already. As local Northern Beaches bookkeepers we see many small business’ struggling at this time of year. This shouldn’t be the case, we can assist you with your bookkeeping on a regular basis so you do not have to stress at year end plus you would have the added advantage of knowing the financial position of your business on a day to day basis. Just because you have money in the bank today, does not mean your business is trading as well as it could be. We can set you up on Xero accounting software and take care of all your bookkeeping and BAS agent requirements plus keep track of your payroll and superannuation compliance.
Give us a call today or send us an inquiry via our contact form. You will wonder why you did not get started sooner.