From 1 July 2022, employers will be required to make super guarantee contributions to their eligible employee’s super fund regardless of how much the employee is paid. Employees must still satisfy other super guarantee eligibility requirements.
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You have plenty of time to apply for the ID with current directors needing to apply by 30 November 2022. So don’t stress, you still have 10 months to apply!
What is a Director ID?
A Director ID is a unique (15-digit) identifier that a director will keep forever (even if they cease being a director). This additional layer of identification verification has been primarily introduced by the Government to prevent the appointment of fictitious directors, and facilitate traceability of an individual director’s profile and their relationships with companies over time.
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In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, will reduce reporting burden for employers who need to report information about their employees to multiple government agencies. It will also help Services Australia’s customers, who may be your employees, get the right payment at the right time.
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On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 2020–21 Budget
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Are you a small business with one 4 or less employees?
If you use a BAS agent for Single Touch Payroll, you can receive the Quarterly exemption on lodging your single touch and report the same time as your BAS is due.
Need more information, give us a call
Paying superannuation to your employees is an important part of being an employer.
If you miss a payment, super guarantee charge (SGC) may apply, and you will need to lodge an SGC statement the following month.
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The Australian Taxation Office (ATO) is warning taxpayers to be alert for scammers impersonating the ATO, as they change tactics in 2019.
see the link below for more information from the ATO
https://www.ato.gov.au/Media-centre/Media-releases/New-year,-new-scam/
| Quarter | Due date |
|---|---|
| 1 – July, August and September | 28 October |
| 2 – October, November and December | 28 February |
| 3 – January, February and March | 28 April |
| 4 – April, May and June | 28 July |
Similarly, if you pay late, the ATO can impose interest penalties on any amounts owing after the due date.
If you’ve been following the news, you may know that Australian lawmakers are poised to require that all employers use Single Touch Payroll starting in July. Even micro-businesses – those with one to four staff – will be required to electronically lodge every pay run with the ATO.
click the link to find out more.
https://www.xero.com/blog/2019/02/new-stp-for-smallest-employers/
