In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc
This article will apply to businesses running as sole traders, companies, trusts and partnerships.
As an employer you are obliged to pay your employee their wages, remit their PAYG Withholding to the ATO as well as remit superannuation payments to their superannuation fund accounts.
In an ideal world, on the first day your employee starts work with you, they would complete their forms including a Super Choice Form informing you their superannuation fund account details for you to remit superannuation payments.
For businesses with employees, it’s quarterly Superannuation payment time!
The deadline for superannuation payment for the September 2017 quarter is due 28 Oct 2017. For businesses using AutoSuper on Xero, the cut off date to have it submitted and approved is 4pm AEDT, Tuesday 24 October. This ensures they reach the super funds by 28 October.
If you require assistance, Aston is happy to help!
The Government has been operating a free superannuation clearing house via Medicare for small employers (less than 20 employees) for some time now and many of our clients have found it useful. But now it has a new name and is called the Small Business Superannuation Clearing House, or SBSCH for short, and it has moved from being overseen by Medicare to being monitored by the ATO. If you were already registered for the service under Medicare, you use your existing logon details at SBSCH.
