Do you need to register for WA Payroll Tax?

Business owners can be so occupied with running their business and hiring staff and most often miss out important thresholds that they need to be aware of.

In the past we have seen businesses missing the threshold to register for WA Payroll Tax simply because they do not realise that it is their responsibility as an employer to ensure they register, lodge and pay Payroll Tax on time.

In recent years WA Payroll Tax has become more complicated as there were several changes made to various thresholds and tiers as well as the tax rates.

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip

Super Guarantee to apply to more employees

Do you know that from 1 July 2022 onwards super guarantee will apply to employees earning less then $450 per calendar month, provided that they satisfy other eligibility requirements?

This applies to the following (not an exhaustive list):
– under 18 employees,
– contractors,
– full time, part time or casual staff,
– someone receiving a super pension or annuity while working (this includes employees on transition to retirement
– a temporary resident, such as a backpacker
– a company director
– a family member working in your business

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in Articles / Knowledge Base / News / Self Managed Super Funds / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting  by Emily Yip

New requirements for Directors from 5 April 2022

Are you planning to set up a new company and be the company director? Or are you planning to set up a new Self-Managed Super Fund where your company would be a trustee and you would be the director?

Do you know that legislation has passed in June 2020, whereby from 5 April 2022 onwards it is mandatory that all directors of a company to have a Director’s ID (Director identification number, or DIN) before you are allowed to be appointed as a director?

How to apply for Director’s ID?
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in Articles / Knowledge Base / News / Running A Business / Self Managed Super Funds / Starting a New Business  by Emily Yip

STP Phase 2 rollout

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, would reduce reporting burden for employers who need to report information about their employees to multiple government agencies.

The mandatory start date for Phase 2 reporting was 1 January 2022 however

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in Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting / Xero Training  by Emily Yip

WA Small Business Grants

Applications are open for the Small Business Assistance Grant – December 2021.  This grant is to assist small businesses impacted financially by the Covid-19 restrictions put in place between 23rd December 2021 and 4th January 2022.

This grant offers up to a maximum of $12,500 to eligible businesses and specifically applies to the hospitality sector, music events industry and creative and performing arts sectors.

Eligible employing businesses will receive $1,130 for each impacted day (up to a maximum of $12,500), while eligible non-employing small businesses will receive $400 for each impacted day (up to a maximum of $4,400).

Click here to view the eligibility criteria.

Applications close 4 pm Thursday 31st March 2022 (AWST).

in Knowledge Base / News / Running A Business / Starting a New Business  by Emily Yip